Chevron: sharper-than-expected decline in quarterly earnings

(CercleFinance.com) - Chevron reported a sharper-than-expected decline in second-quarter earnings on Friday, penalized by lower refining margins and unfavorable currency effects, despite higher production.


The US oil group's net income fell to 4.4 billion dollars, or 2.43 dollars per share, in the quarter just ended, compared with six billion dollars, or 3.20 dollars per share, a year earlier.

On a per-share basis, adjusted earnings per share (EPS) came to 2.55 dollars, whereas analysts were expecting a profit of 2.93 dollars per share.

However, its hydrocarbon production rose by 11% in the quarter, boosted in particular 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 headquarters.

Following these announcements, Chevron shares listed on the New York Stock Exchange were down by almost 2% in pre-market trading on Friday.

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