American energy giant Chevron reported mixed second quarter results, with net income falling to $6 billion from $11.6 billion in the same period last year. However, the company's adjusted earnings per share of $3.08 beat Wall Street estimates of $2.97.
The company's Permian Basin production hit a new quarterly record of 772,000 barrels of oil equivalent per day during the quarter. Chevron said early 2023 Permian well performance is on track to meet its full-year guidance.
Chevron's quarterly shareholder distributions reached a record $7.2 billion, including $2.8 billion in dividends and $4.4 billion in share repurchases. The company repurchased over 27 million shares in the second quarter and nearly 50 million shares year-to-date.
Chevron expects its resource base and royalty position to deliver strong cash flow through 2040. It also expects to close its acquisition of PDC Energy in August. In other news, Chevron waived the mandatory retirement age for CEO Mike Wirth. Its CFO Pierre Breber will retire in 2024 and be succeeded by Eimear Bonner, Chevron's current chief technology officer.
