Chevron Corporation (Chevron) reported a net income of $4.4 billion for the second quarter of 2024, a decrease from $6.0 billion in the same period of 2023. Diluted earnings per share for the quarter were $2.43, down from $3.20 year-on-year. The company's upstream earnings fell to $4.5 billion from $4.9 billion, attributed to the absence of favorable tax effects, higher expenses, and negative foreign currency effects, despite higher sales volumes. Downstream earnings also declined to $597 million from $1.5 billion, primarily due to lower sales margins and increased operating expenses. Chevron's non-trade receivable balance stood at $4.0 billion, including receivables from government joint venture partners. The company announced a definitive agreement to acquire Hess Corporation in an all-stock transaction valued at approximately $53 billion, with the...Show More

Chevron Corporation (Chevron) reported a net income of $4.4 billion for the second quarter of 2024, a decrease from $6.0 billion in the same period of 2023. Diluted earnings per share for the quarter were $2.43, down from $3.20 year-on-year. The company's upstream earnings fell to $4.5 billion from $4.9 billion, attributed to the absence of favorable tax effects, higher expenses, and negative foreign currency effects, despite higher sales volumes. Downstream earnings also declined to $597 million from $1.5 billion, primarily due to lower sales margins and increased operating expenses. Chevron's non-trade receivable balance stood at $4.0 billion, including receivables from government joint venture partners. The company announced a definitive agreement to acquire Hess Corporation in an all-stock transaction valued at approximately $53 billion, with the merger expected to conclude in the third quarter of 2024, pending regulatory review and an arbitration decision scheduled for May 2025. Chevron's business environment and outlook section highlighted its commitment to delivering higher returns, lower carbon, and superior shareholder value. The company plans to grow its oil and gas business, reduce carbon intensity, and expand into lower carbon businesses, targeting sectors where emissions are harder to abate. Chevron's capital expenditures for the first half of 2024 were $8.1 billion, an increase from the previous year, with investments in upstream including legacy PDC assets.