In the midst of volatile oil prices and geo-political conditions, Chevron (NYSE: CVX) reported 8% decline in total revenues and other income in the second quarter of 2019 to $38.85 billion, which was lower than the street estimate of $40.55 billion.
The San Ramon, California-based oil giant said its earnings for the second quarter stood at $2.27 per share, compared to $1.78 per share in the same quarter last year. Earnings were boosted by $740 million associated with the Anadarko merger termination fee. Analysts were expecting flat year-over-year EPS growth.
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.
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.
Video game retailer GameStop Corp. (NYSE: GME), which has become the talk of the town after the unprecedented stock rally in recent weeks, reported a narrower loss for the first
The steel industry managed to shrug off the pandemic blues earlier than expected as the recovery in industrial activity pushed up demand. With the vaccination drive and the government’s aggressive
Campbell Soup Company (NYSE: CPB) reported third-quarter 2021 earnings results today. Net sales decreased 11% year-over-year to $1.98 billion, as a result of lapping the demand surge at the onset