Chevron Earnings: Results Fall Short; Delay of Hess Arbitration Adds Uncertainty

Chevron reported that second-quarter adjusted earnings fell to $4.7 billion from $5.8 billion the year before, largely due to narrower refining margins. Earnings fell short of market expectations, which management attributed to operational issues and discrete items. Production increased to 3,292 thousand barrels of oil equivalent per day from 2,959 mboe/d the year before, due largely to the acquisition of PDC Energy and continued growth in the Permian, which offset downtime in Australia.