Chevron posts quarterly profit of $6 billion, beating estimates

(Bloomberg) – Chevron Corp. reported second-quarter profit of $6.01 billion, beating analysts’ estimates.

The numbers, though down 48% from the same period last year, topped the $5.5 billion second-quarter profit expected by analysts in a Bloomberg survey. Chevron also said Sunday it produced 772,000 barrels of oil equivalent in the Permian Basin during the quarter, a record.

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Chevron and its oil peers posted strong profits for several quarters even as international crude prices fell more than 20% from last year’s peak. The company said it issued record distributions to shareholders of $7.2 billion last quarter, including dividends of $2.8 billion and share buybacks of $4.4 billion.

Separately, Chevron said chief financial officer Pierre Breber will retire in 2024 after 35 years with the company. Eimear Bonner, currently vice president and chief technology officer, will succeed Breber as chief financial officer, effective March 1, 2024.

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