Chevron Corporation (CVX) Q2 2024 Earnings Report

Chevron Corporation reported a solid net income of $4.4 billion or $2.43 per share for Q2 2024, driven by over 11% production growth year-over-year. This quarter saw significant contributions from the Permian Basin and Gulf of Mexico due to operational efficiencies and strategic advancements, including the ongoing merger with Hess and expansion in renewable energy initiatives. While revenue increased by nearly 5% year-over-year to $49.6 billion, the company faced operational downtime that reduced expected earnings. Chevron maintained a strong focus on returning capital to shareholders, with $6 billion allocated for dividends and share repurchases, a consistent strategy that has returned over $50 billion to shareholders in the last two years. Overall, despite facing headwinds in the upstream segment, Chevron exhibits resilience with robust plans for future growth and production capacity enhancements.