Chevron Corp. said in its second-quarter earnings release that its net income sank by 26% on a yearly basis to $4.4 billion, with diluted earnings per share (EPS) down 24% to $2.43. Chevron attributed the earnings drop mainly to lower margins on refined product sales, the absence of prior year favorable tax items and negative foreign currency effects. Meanwhile, revenue increased 4.7% from Q2 2023, reaching $51.2 billion and exceeding expectations. The company also announced it will move its headquarters from California to Texas.
"This quarter, we delivered strong production, enhanced our global exploration portfolio and extended our track record of consistent shareholder returns with over $50 billion of distributions in the last two years, CEO Mike Wirth said. "Despite recent operational downtime and softer margins, we remain poised to deliver significant long-term earnings and cash flow growth."
Chevron's shares lost 1.65% in premarket trade.
