Chevron exceeded Q2 profit estimates due to high oil and gas production and lower costs. The acquisition of Hess for $55 billion includes a stake in the Stabroek Block oilfield in Guyana. International crude prices fell 11%, but Chevron still outperformed with $3.1 billion in adjusted earnings.

Exxon Mobil also surpassed profit expectations for Q2. Chevron CFO Eimear Bonner highlighted strong execution and record production. Global production rose to 3.4 million boed, with Permian Basin production hitting 1 million boed. Third-quarter production is expected to decrease due to maintenance.

Chevron’s capital expenditure dropped by 7.5%, leading to increased free cash flow guidance. The company paid $2.9 billion in dividends and repurchased $2.6 billion in shares. While the Hess acquisition is expected to boost dividends, Chevron plans to maintain full-year share repurchases between $10 billion and $20 billion unless significant market shifts occur.

Read more at Yahoo Finance: Chevron beats Wall Street profit estimates with record output