Chevron Records High Profits For Q2
Chevron announced its Q2 results on Friday reporting a 26.3% increase in the quarterly profits. The company gained from $1 billion fees received from Occidental Petroleum’s after the latter struck a deal with Anadarko Petroleum in a $38 billion winning bid in comparison to Chevron’s $33 billion bid. Reportedly, the termination fee contributed $720 million to the quarter’s profits. The U.S gas and oil giant reported low profits in its refining and chemicals units, however, U.S. shale production rose by 21% during the quarter. Daily production of oil and gas increased by 9.1% to 3.08 million barrels setting a record for the company. Net income rose to $4.31 billion, or $2.27 per share for the quarter ending June 30, from $3.41 billion, or $1.78 per share. The stock is reported to be 11% up YTD.
Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.
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