Chevron Corp. Q2 Profit Decreases, But Beats Estimates

(RTTNews) - Chevron Corp. (CVX) reported a profit for second quarter that Decreased from last year but beat the Street estimates.

The company's bottom line totaled $2.490 billion, or $1.45 per share. This compares with $4.434 billion, or $2.43 per share, last year.

Excluding items, Chevron Corp. reported adjusted earnings of $3.053 billion or $1.77 per share for the period.

Analysts on average had expected the company to earn $1.75 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period fell 12.4% to $44.822 billion from $51.181 billion last year.

Chevron Corp. earnings at a glance (GAAP) :

-Earnings: $2.490 Bln. vs. $4.434 Bln. last year. -EPS: $1.45 vs. $2.43 last year. -Revenue: $44.822 Bln vs. $51.181 Bln last year.

For the second quarter, the company reported a decline in net profit, mainly due to lower crude oil prices, lower income from upstream and downstream equity affiliates, and an unfavorable fair value adjustment for Hess shares.

The Board will pay a quarterly dividend of $1.71 per share on September 10, to shareholders of record as of August 19.