Chevron Corporation (NYSE:CVX, ETR:CHV) posted second quarter earnings that beat Wall Street expectations as record production offset weaker commodity prices.
The company reported adjusted earnings of $3.1 billion or $1.77 per share, above the consensus estimate of $1.70.
Net income, however, fell to $2.5 billion or $1.45 per share from $4.4 billion or $2.43 per share in the year-ago quarter and $3.5 billion in Q1.
Revenue was $44.8 billion, down from $51.2 billion in Q2 2024.
During the quarter, Chevron said it achieved record production of 1 million barrels of oil equivalent per day in the Permian Basin.
It also completed its $55 billion acquisition of Hess, which adds assets in Guyana, the US Bakken and Gulf of America to Chevron’s portfolio.
“Second quarter results reflect continued strong execution, record production, and exceptional cash generation,” Chevron CEO Mike Wirth said in a statement.
“The completion of the Hess acquisition further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade.”
Shares of Chevron added 0.6% at about $153 on Friday morning.