Chevron reported a 44% drop in net income to $2.49 billion for the second quarter, impacted by low oil prices and a $215 million loss on the fair value measurement of Hess shares. Adjusted earnings per share were $1.77, beating Wall Street estimates, with revenue at $44.82 billion, higher than the expected $43.82 billion.

After prevailing against Exxon Mobil in a dispute, Chevron completed its $53 billion acquisition of Hess on July 18. The deal is expected to boost earnings in the fourth quarter and reduce costs by $1 billion by the end of 2025. Chevron’s worldwide production increased by 3% to 3.4 million barrels per day, with U.S. production rising 8% to 1.69 million bpd.

Chevron’s production business saw a profit of $2.72 billion, down 38% due to lower oil prices, while its refining business earnings increased to $737 million. The acquisition of Hess will bring assets in the Bakken formation and Gulf of Mexico, in addition to Guyana. Please check back for updates on this developing story.

Read more at CNBC: Chevron (CVX) Q2 Earnings 2025