Chevron reported second-quarter adjusted earnings of $6.06 per share on July 31, beating the consensus estimate of $5.80, while revenue of $70.1 billion crushed expectations of $57.5 billion by more than 20%. Net oil-equivalent output hit 4.07 million barrels per day, up from 3.40 million a year ago, a nearly 20% year-over-year jump reflecting a full contribution from Hess along with record U.S. upstream production. Upstream earnings soared to $8.18 billion from $2.73 billion a year ago, and downstream earnings rocketed to $4.87 billion from just $737 million, helped by record crude throughput at U.S. refineries. Operating cash flow reached $22.6 billion, well ahead of the $19.7 billion analysts expected, and adjusted free cash flow came in at $15.4 billion versus $4.9 billion a year ago, while the net debt ratio fell to 13.1% from 17.9% in the prior quarter. In September, Chevron agreed to updated joint venture terms in Venezuela and plans to invest more than $7 billion over five years to more than double production to about 600,000 barrels per day by 2031, and the company reports third-quarter results before the bell on October 30.
Chevron CorpChevron's Q2 adjusted EPS of $6.06 beat the $5.80 consensus and revenue crushed estimates, with operating cash flow and free cash flow well above expectations.
Hess's full contribution lifted Chevron's production by nearly 20% year-over-year, reflecting the Hess assets' output.
