The results were impacted by the decline in oil prices but still exceeded analysts’ forecasts.
The latest results show that revenue decreased by 1.9% year-on-year, amounting to $49.73 billion (€42.8 billion), surpassing the FactSet analysts’ consensus of $47.23 billion. The expected net profit was $3.25 billion.
The adjusted earnings per share, a key market indicator, reached $1.85 (€1.5957), above the anticipated $1.71, though lower than last year’s $2.51.
The Houston, Texas-based company reported a net loss of $235 million (€202 million) for the quarter, linked to restructuring costs and other charges associated with the Hess acquisition, finalized on July 18 for nearly $60 billion (€51.7 billion).
Chevron indicated that part of these costs was offset by positive foreign exchange effects totaling $147 million (€126.7 million) and by the appreciation of Hess’s shares.
CEO Mike Wirth said the integration of Hess “is progressing well,” creating synergies across operations, and announced the company sold its stake in a project between Malaysia and Thailand.
Chevron’s production reached record levels, with year-on-year increases of 27% in the United States and 21% globally.
Before the New York Stock Exchange opened, Chevron shares were up 0.5%.
In the quarter, the company returned $6 billion to shareholders (€5 billion) — $2.6 billion in share buybacks and $3.4 billion in dividends —, totaling over $78 billion (€67.2 billion) in the last three years.
