Energy exploration company Chevron Corporation (NYSE: CVX) announced second-quarter 2023 financial earnings results, reporting a sharp fall in net profit and revenues.
Net income attributable to Chevron Corporation was $6.01 billion or $3.20 per share in the second quarter, compared to $11.6 billion or $5.95 per share last year. Adjusted profit decreased 47% year-over-year to $3.08 per share.
Total revenues and other income were $48.9 billion in the June quarter, down 29% from $68.8 billion reported in the year-ago quarter.
“Our quarterly financial results remain strong, and we returned record cash to shareholders. The company has delivered more than 12 percent ROCE for eight straight quarters and returned $7.2 billion to shareholders in the quarter, an increase of 37 percent from the year-ago period,” said Mike Wirth, Chevron’s chief executive officer.