Chevron's Massive Profits Despite Lower Oil Prices in Q2

EPS of $3.08 Exceeds Market Expectations

American oil company Chevron achieved earnings that exceeded market expectations despite the decline in energy prices.

Chevron announced on the 23rd (local time) through its earnings report that its second-quarter net profit was preliminarily estimated at $6.01 billion (approximately 7.747 trillion KRW). Although this represents a 48% decrease compared to the same period last year, it significantly surpassed the market estimate of $5.5 billion.

The adjusted earnings per share were $3.08, exceeding Wall Street's expected $2.97 according to Refinitiv data.

Despite international oil prices falling more than 20% from last year's peak, Bloomberg News evaluated that the massive profit performance of oil giants continues.

Chevron stated that it expanded its first-quarter dividends to $2.8 billion and conducted $4.4 billion worth of share buybacks, implementing a total shareholder return plan of $7.2 billion. Chevron plans to hold a conference call after announcing the finalized second-quarter earnings on the 28th.

[Image source=AFP Yonhap News]

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