Chevron posts $6 billion quarterly earnings, beating estimates

Chevron Corp. reported second-quarter earnings of $6.01 billion, beating analyst estimates. The figures, while down 48% from the same period last year, topped the second-quarter profit of $5.5 billion expected by analysts in a Bloomberg survey. Chevron also said on Sunday it produced 772,000 barrels of oil equivalent at the Permian Basin during the quarter, a record. Chevron and its oil peers have reported hefty profits for several quarters even as international crude prices slid more than 20% from last year’s peak. The company said it issued record shareholder distributions of $7.2 billion last quarter, including dividends of $2.8 billion and share repurchases of $4.4 billion. Separately, Chevron said Chief Financial Officer Pierre Breber will retire in 2024 after 35 years at the company. Eimear Bonner, currently vice president and chief technology officer, will succeed Breber as CFO, effective March 1, 2024.