Chevron Reports Second Quarter Net Income of $571 Million
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Go back to Chevron Reports Second Quarter Net Income of $571 Million
July 31, 2015 10:01 AM EDT
By Ernest Scheyder
(Reuters) - Second-quarter profit at oil producer Chevron Corp tumbled 90 percent, missing analysts' expectations, amid weakness in oil prices.
Chief Executive John Watson bluntly said the results were "weak" and that he was working to slash costs by renegotiating supply contracts. Earlier this week, he laid off 2 percent of the company's staff.
"Multiple efforts to improve future... More
July 31, 2015 8:34 AM EDT
Chevron (NYSE: CVX) reported Q2 EPS of $0.30, may not compare to the analyst estimate of $1.16. Revenue for the quarter came in at $37 billion versus the consensus estimate of $30.91 billion.
*** Included in the quarter were impairments of $1.96 billion and other charges of approximately $670 million relating to project suspensions and adverse tax effects, all of which were non-cash charges stemming from a downward revision in the companys... More
