From CNBC: 2024-08-02 09:58:17

Chevron missed Q2 earnings expectations due to lower refining margins and delays in acquiring Hess Corporation. The company will relocate its headquarters from California to Houston by 2024. Q2 earnings per share were $2.55 adjusted, revenue was $51.18 billion. U.S. production profits increased, while international production profits fell. Overall production rose 11% to 3.29 million barrels per day.

The pending acquisition of Hess has been delayed until at least May 2025 due to an arbitration panel’s decision on Exxon Mobil’s claims. The Chevron-Hess deal may not close until next year. Chevron remains confident in the outcome of the arbitration but the deal may not proceed if Exxon wins. Chevron’s stock closed nearly 5% lower.



Read more at CNBC:: Chevron (CVX) earnings Q2 2024