Chevron surpassed analyst estimates for second-quarter earnings on Friday, reporting its highest quarterly profit in at least six years as the U.S.-Israeli war with Iran disrupts world energy markets…
Chevron surpassed analyst estimates for second-quarter earnings on Friday, reporting its highest quarterly profit in at least six years as the U.S.-Israeli war with Iran disrupts world energy markets, boosting profits for the biggest oil companies.
Adjusted earnings of $12 billion, or $6.06 per share, beat the average analyst estimate of $5.56 per share according to data compiled by LSEG. Chevron shares were up about 3% in premarket trading.
The results mirrored those of European oil majors TotalEnergiesTTEF.PA and ShellSHEL.L, which also posted banner second-quarter profits buoyed by higher oil prices.
"Amid all the geopolitical uncertainty and market volatility that's still upon us, we continue to deliver the reliable energy that the world has needed," Chevron Chief Financial Officer Eimear Bonner said in an interview.
The second-largest U.S. oil major has less Middle East production than its peers, allowing it to reap the benefits of higher oil prices without the large output disruptions that riled rivals such as ExxonMobil and TotalEnergies.
Earnings from upstream were $8.2 billion, up 200% from the previous year. Benchmark Brent crude prices were 23% higher during the second quarter over the year's first three months, as shipping through the Strait of Hormuz remained limited.
Production totaled
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