Chevron Announces Headquarters Relocation and Senior Leadership Changes

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Go back to Chevron Announces Headquarters Relocation and Senior Leadership Changes

Chevron (CVX) misses earnings expectations on lower refining margins

August 2, 2024 6:41 AM EDT

Chevron (NYSE: CVX) reported second quarter earnings on Friday morning with its profit falling short of analyst expectations, as lower refining margins weighed on results despite record production in key regions.

The oil giant's stock slipped 2.4% following the release.

The company posted adjusted earnings of $4.7 billion, or $2.55 per share, missing the consensus estimate of $2.94 per share. Revenue came in at $51.18 billion, surpassing analyst projections of $48.68 billion.

Chevron's worldwide net oil-equivalent production rose 11% YoY to 3.29 million barrels per day,... More