Chevron, confirming its preliminary results from earlier in the week, reported an almost 50% drop in profit for the second quarter.
The oil and gas giant posted adjusted earnings of $5.8 billion or $3.08 per share, down from $11.4 billion or $5.82 per share in the year-ago quarter on lower upstream realizations and lower margins on refined product sales.
Revenue was $47.2 billion, down from $65.4 billion in 2Q 2022 on lower commodity prices.
But this topped the Street's expectations of earnings per share of $2.95 on revenue of about $5.5 billion.
Chevron also said it achieved record Permian Basin production during the quarter of 772,000 barrels of oil equivalent per day (boepd) driving its worldwide net-oil equivalent production up 2% from the year-ago quarter.
However, the company said Friday that its annual production forecast is at the low end of its previously estimated range.
For the third quarter, it anticipates upstream turnarounds and downtime to reduce production by about 110,000 boepd.
It expects its Permian Basin production to be roughly flat in 3Q before growing in 4Q.
Chevron shares traded flat at US$159 before the opening bell in New York on Friday.
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