Summary by Moomoo AI
Chevron Corporation reported second quarter 2024 earnings of $4.4 billion ($2.43 per share), down from $6.0 billion ($3.20 per share) in Q2 2023. Total revenues increased to $49.6 billion from $47.2 billion year-over-year. The company's worldwide net oil-equivalent production rose 11% to 3.29 million barrels per day, primarily driven by PDC Energy acquisition and Permian Basin growth.U.S. upstream earnings increased by $521 million to $2.16 billion on higher sales volumes and realizations, while international upstream earnings fell by $987 million to $2.31 billion. Downstream earnings declined significantly to $597 million from $1.51 billion in Q2 2023, mainly due to lower refining margins and higher operating expenses. U.S. refinery crude inputs decreased 9% to 900,000 barrels per day.The company maintained strong operational performance and financial position, with $13.1 billion in operating cash flow for the first half. Capital expenditures increased to $8.1 billion, up from $6.8 billion year-over-year. Chevron paid $6.0 billion in dividends and repurchased $3.0 billion of shares in Q2, with third quarter buybacks expected between $4.0-$4.75 billion.
