Overview
- Adjusted earnings came in at $1.85 per share versus $1.71 expected, with revenue of $49.73 billion topping the $49.01 billion consensus.
- Net income fell 21% year over year to $3.54 billion as lower oil prices and a $235 million Hess transaction loss weighed on results.
- Production reached a company record of 4.1 million barrels per day, up 21% with contributions from the Hess acquisition, the Permian Basin, the Gulf of Mexico and Kazakhstan.
- Capital spending rose 7% to $4.4 billion due to investment in legacy Hess assets, while adjusted free cash flow increased roughly 50% to about $7 billion.
- Separate reporting this month said Chevron sought a say in Venture Global’s proposed delay of the Plaquemines LNG startup, signaling ongoing customer–developer tensions.