Oil giant Chevron Corp (NYSE:CVX) reported Q2 FY23 total revenues and other income of $48.896 billion, beating the consensus of $48.80 billion.
Sales and other operating revenues fell to $47.2 billion from $65.4 billion a year ago, mainly on lower commodity prices.
Adjusted net earnings were $5.78 billion, with Adjusted EPS being $3.08 (down from $5.82), missing the consensus of $3.28.
Lower upstream realizations and decreased margins on refined product sales negatively impacted earnings.
Related: Chevron CEO To Stay Put Past Retirement Age As Prelim Q2 Earnings Impresses Wall Street
U.S. upstream earnings declined Y/Y, primarily on lower realizations.
International upstream earnings were down Y/Y due to lower realizations and unfavorable foreign currency impact.
U.S. downstream earnings fell Y/Y owing to lower margins on refined product sales and higher operating expenses.
International downstream earnings were lower than a year ago due to lower margins on refined product sales and a decline in foreign currency impacts.
Worldwide net oil-equivalent production was up 2% from the year-ago quarter, primarily due to record Permian Basin production of 772,000 barrels of oil equivalent per day.
Also Read: Chevron Inks Pact With Mitsui Oil For Advanced Geothermal Technology Project In Japan
Total shareholder distributions were $7.2 billion during the quarter, including dividends of $2.8 billion and share repurchases of $4.4 billion.
Dividend: CVX declared a quarterly dividend of $1.51 per share, payable on September 11, 2023, to the shareholders of record date as on August 18, 2023.
Operating cash flow totaled $6.3 billion, compared to $13.8 billion a year ago. Free cash flow was $2.5 billion.
CVX held cash and equivalents of $9.6 billion as of June 30, 2023.
In May, the company inked a pact to acquire PDC Energy, Inc. (NASDAQ:PDCE) in an all-stock deal worth $7.6 billion, including debt.
Price Action: CVX shares are trading lower by 0.39% at $159.04 on the last check Friday.
