By Sabrina Valle
HOUSTON (Reuters) – Chevron Corp’s second-quarter earnings exceeded expectations on Wall Street, according to the company’s announcement on Sunday. Chief Executive Michael Wirth also indicated that the second-largest U.S. oil company is open to further acquisitions and increasing shareholder distributions this year.
In a rare preview of its results coinciding with the retirement announcement of its finance chief, Chevron revealed a net profit of $6 billion for the quarter ending on June 30. Full results will be disclosed on Friday.
Although this profit is nearly half of the record profit from the same period last year, the adjusted profit of $3.08 per share surpassed Wall Street’s consensus estimate of $2.97 per share.
“The macro price environment has slightly weakened compared to the first quarter,” Wirth stated in an interview discussing changes to the company’s financial and operating executive team. “Nevertheless, it was still a strong quarter.”
“We achieved high levels of operating performance and experienced very little unplanned downtime across…
2023-07-23 18:41:12
Link from finance.yahoo.com
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