Chevron Q2 Profit Drops, But Tops View

(RTTNews) - Chevron Corp. (CVX) reported Sunday that its second quarter net income attributable to the company dropped to $6.01 billion from last year's $11.62 billion, with earnings per share declining to $3.20 from $5.95 in the prior year.

On an adjusted basis, net earnings were $5.78 billion or $3.08 per share compared to $11.37 billion or $5.82 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.99 per share for the second quarter. Analysts' estimates typically exclude special items.

The company reported record Permian Basin production in second quarter, 11 percent higher than the year-ago period.

The company expects to close the acquisition of PDC Energy in August 2023.

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