CVX stock gained 1% post the Q2 results. Chevron’s shares
have dropped over 2% in the trailing 52 weeks but have gained 14% thus far this
year.
CEO Michael Wirth said, “Net oil-equivalent production was
the highest in the company’s history, driven by continued growth in the Permian
Basin and at Wheatstone in Australia.”
Worldwide net oil-equivalent production was 3.08 million barrels per day in second-quarter 2019, an increase of 9% from a year ago.
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In May, Chevron completed the acquisition of Pasadena
Refining System Inc. for $350 million. The same month, the company also decided
to not pursue the acquisition of Anadarko Petroleum Corp. (NYSE: APC). Anadarko has agreed to be acquired by Occidental Petroleum
(NYSE: OXY).
Earlier today, rival ExxonMobil (NYSE: XOM) reported a 21% dip in earnings for the second quarter due to poor performance from the downstream and chemical division. However, the results exceeded analysts’ expectations.