Chevron’s Preliminary Q2 Results Top Analyst Expectations

Chevron (CVX:US) on Sunday reported preliminary results for the second quarter, ahead of the official earnings release on July 28.

The oil titan reported earnings of $6.0 billion in an announcement of its performance highlights. On an adjusted basis, the company reported earnings of $5.8 billion. Preliminary adjusted EPS came in at $3.08, ahead of the $2.91 expected by analysts. 

Cash flow, excluding working capital, was reported at $9.4 billion, in line with analyst expectations.

In a separate announcement, Chevron announced a management transition with the current Chief Financial Officer, Pierre Breber, retiring next year. He will be replaced by Eimear Bonner, the current chief technology officer of Chevron Technical Center.

“Eimear has a proven track record leading large, complex organizations. I am confident that her deep business expertise and engaging leadership approach will enable her to build upon Chevron’s strong foundation and drive further value for shareholders,” Chairman and chief executive officer, Mike Wirth, said in a press release.

Moreover, Chevron removed the mandatory retirement age requirement for its CEO Wirth.

The oil giant also said that it returned $7.2 billion to its shareholders in the second quarter, consisting of $2.8 billion in dividend payments and $4.4 billion returned via share buybacks.  

Chevron shares are down nearly 9% year-to-date following a blockbuster 2022 year. Representative Michael McCaul has used robust CVX shares rally to take profits on some of his trades. 

Along these lines, Congressman McCaul has been actively selling in a recent year or so, including the $100,000 - $250,000 worth sale completed on May 12, when CVX stock closed at $156.62.

Chevron shares closed at $158.69 on Friday.