Chevron Corp

CVX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$365.00	Wtqsyqj	Cbcgpwtgn

Chevron: Earnings Prerelease With a Splash of Management Changes

Allen Good

Jul 24, 2023

In an unusual move, Chevron prereleased second-quarter results while announcing management changes. Second-quarter adjusted earnings fell to $5.8 billion from $11.4 billion a year ago as lower oil and natural gas prices offset higher production. Production increased to 2,959 thousand barrels of oil equivalent per day from 2,896 mboe/d a year ago, with an 11% increase in Permian Basin volumes to a record 772 mboe/d. During the quarter, Chevron repurchased $4.4 billion in shares, in line with guidance. It expects to close the PDC Energy acquisition in August. Our fair value estimate and narrow moat rating are unchanged. More detail will be available with the full earnings release on July 28.

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