Chevron Corporation (NYSE: CVX) reported a sharp increase in second-quarter profit as the energy giant’s revenues soared 83%. Both earnings and the top line exceeded the consensus estimates.
Total revenues and other income rose sharply to $68.8 billion in the June quarter and came in above analysts’ forecast. Revenues benefited from a record growth in crude oil prices.
Reflecting the positive top-line performance, second-quarter adjusted profit moved up to $5.82 per share from $1.71 per share in the same period of 2021. Unadjusted profit rose to $11.6 billion or $5.95 per share from $3.08 billion or $1.60 per share last year. Earnings also beat the estimates.
Check this space to read management/analysts’ comments on Chevron’s Q2 results
“Second quarter financial performance improved as we delivered a return on capital employed of 26 percent. The company also strengthened its balance sheet, lowering its debt ratio to under 15 percent, and increased the top end of its annual share repurchase guidance range to $15 billion,” said Mike Wirth, Chevron’s chief executive officer.