Chevron's second-quarter profit fell due to lower refining margins.The results come as the Chevron-Hess deal is delayed until well into 2025 due to an arbitration case with ExxonMobilThe oil major also said Friday it is moving its headquarters from San Ramon, California, to Houston, Texas, with CEO Mike Wirth relocating by end the of 2024. All corporate functions will move to Houston over the next five years.Chevron's net income declined 26% to $4.43 billion, or $2.
Overall, Chevron's global oil-equivalent production rose 11% to 3.29 million barrels per day on record production in the Permian Basin The U.S. refining business realized a profit of $280 million, a 74% decrease compared with the the $1.1 billion posted in the year-ago period due to lower margins. International refining profits fell 25% to $317 million, compared with $426 million in the same quarter last year.A decision in the case would come three months after the hearing, which means the Chevron-Hess deal would not close until well into next year if they prevail in arbitration.
Chevron shares closed nearly 5% lower Thursday and Hess stock fell nearly 8%. In the year to date period, Chevron's stock has underperformed the market with a 2.3% gain.