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Chevron $CVX second-quarter results fell short of expectations Friday, however it's revenue was higher as it's shale assets delivered. Permian Basin saw record production for the quarter. Production rose 10% to 2.78 billion oil-equivalent barrels a day. 

Earnings: EPS of 77 cents less than expected 93 cents but revenue of $34.48 billion higher with $31.9 billion expected.

  • Upstream operations swung to a profit of $853 million from a year-ago loss of $2.46 billion. Compares to a $2.46Bil loss in 2Q16. The improvement reflected narrowing of the loss from US operations and rebound of the international operations. 
  • Downstream earnings down 6.5% to $1.2 billion, helped primarily by better US operations.
  • Capital spending dropped 18% to $4.54 billion.

Reaction: Chevron Corporation NYSE: CVX Pre-market106.08 -03  -0.03%

Source: Chevron, AlphaStreet

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