Chevron: sharper-than-expected decline in Q2 earnings
(CercleFinance.com) - Chevron reported a sharper-than-expected decline in Q2 earnings on Friday, penalised by lower refining margins and unfavourable currency effects, despite higher production.
The US oil group's net income fell to $4.4bn, or $2.43 per share, in the quarter just ended, compared with $6bn, or $3.20 per share, a year earlier.
Adjusted EPS came to $2.55, below the consensus of $2.93.
However, its hydrocarbon production rose by 11% in the quarter, largely boosted by the successful integration of PDC Energy.
Chevron also announced that it would abandon its San Ramon (California) headquarters and relocate to Houston (Texas), where the group already has 7,000 employees.
By way of comparison, only 2,000 people currently work at its San Ramon HQ.
Following these announcements, Chevron shares listed on the New York Stock Exchange were down by almost 2% in pre-market trading on Friday.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The US oil group's net income fell to $4.4bn, or $2.43 per share, in the quarter just ended, compared with $6bn, or $3.20 per share, a year earlier.
Adjusted EPS came to $2.55, below the consensus of $2.93.
However, its hydrocarbon production rose by 11% in the quarter, largely boosted by the successful integration of PDC Energy.
Chevron also announced that it would abandon its San Ramon (California) headquarters and relocate to Houston (Texas), where the group already has 7,000 employees.
By way of comparison, only 2,000 people currently work at its San Ramon HQ.
Following these announcements, Chevron shares listed on the New York Stock Exchange were down by almost 2% in pre-market trading on Friday.
Copyright (c) 2024 CercleFinance.com. All rights reserved.