Chevron U.S.A. the major US subsidiary of global oil and gas giant Chevron, oversees most of its parent’s US businesses. Chevron U.S.A. ranks #12 in wells drilled in 2022 with 145 wells drilled in the Mid Continent of the US.
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Chevron CorporationCVX reported adjusted second-quarter earnings per share of $3.08, ahead of the Zacks Consensus Estimate of $2.95. The outperformance could be attributed to higher-than-expected bottom line results in the company’s key upstream segment. The unit’s profit of $4.9 billion came in well above our estimate of $2.9 billion as domestic production hit a new high.
However, the company’s bottom line fell from the year-ago adjusted profit of $5.82 due to weaker oil and natural gas realizations, plus a a dip in refined product sales margins.
The company generated revenues of $48.9 billion. The sales figure missed the Zacks Consensus Estimate of $51.4 billion and decreased 28.9% year over year.
While that profit is almost half of the record profit in the same period last year, the $3.08 a share adjusted profit beat Wall Street’s $2.97-a-share consensus estimate.
“The macro price environment has softened a little bit versus the first quarter,” Wirth said in an interview outlining changes to the company’s financial and operating executive team. “It is still a strong quarter.”
“We had high levels of operating performance (and) very, very little unplanned downtime across our portfolio,” Wirth said.
Chevron’s oil and gas production in the Permian Basin, the top U.S. shale field, hit 772,000 barrels a day. The volume was “the highest quarter we’ve ever had in the Permian and 10% over the same quarter last year,” Wirth said.
The company’s expansion project in Kazakhstan “continues to be on schedule and on budget,” he added.
Wirth signaled the company is still open to M&A deals and to increasing shareholder distributions.
“We’ve got the ability to do both,” Wirth said. “We don’t have to trade off one against the other.”
The company earlier this year agreed to acquire PDC Energy (PDCE.O) for $7.6 billion in cash and acquired debt. The deal is set to close next month.
“We will go up to about 400,000 barrels a day in DJ basin, which is roughly twice what it is today, when the deal closes,” Wirth said.
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