* Adjusted earnings reach $12 billion, or $6.06 per share

* Chevron ( CVX ) will maintain dividend and buyback range, CFO says

* Hess acquisition delivers $1.5 billion in deal synergies

ahead of schedule

By Sheila Dang

HOUSTON, July 31 (Reuters) - Chevron ( CVX ) surpassed

analyst estimates for second quarter earnings on Friday,

reporting its highest quarterly profit in at least six years as

the U.S.-Israeli war with Iran disrupts world energy markets,

boosting profits for the biggest oil companies.

Adjusted earnings of $12 billion, or $6.06 per share, beat

the average analyst estimate of $5.56 per share according to

data compiled by LSEG.

The results mirrored those of European oil majors TotalEnergies

and Shell, which also posted banner

second-quarter profits buoyed by higher oil prices.

"Amid all the geopolitical uncertainty and market volatility

that's still upon us, we continue to deliver the reliable energy

that the world has needed," Chevron ( CVX ) Chief Financial Officer

Eimear Bonner said in an interview.

The second-largest U.S. oil major has less Middle East

production than its peers, allowing it to reap the benefits of

higher oil prices without the large output disruptions that

riled rivals such as ExxonMobil and TotalEnergies.

Earnings from upstream were $8.2 billion, up 200% from the

previous year. Benchmark Brent crude prices were 23% higher

during the second quarter over the year's first three months, as

shipping through the Strait of Hormuz remained limited.

Production totaled 4 million barrels of oil equivalent per

day during the second quarter, up from 3.85 million boepd in the

first quarter. U.S. output, focused on the Permian Basin and

offshore Gulf region, hit a new record of 2.08 million boepd.

Chevron ( CVX ) said it expected to spend 25% less per barrel in

U.S. shale production this year than in 2025, due to

efficiencies.

Downstream earnings also reached their highest since the

beginning of the decade at $4.9 billion, with record U.S.

refinery throughput. Low fuel stockpiles globally and conflict

in the Middle East pushed refining margins to record levels.

The skyrocketing profits could draw more criticism from U.S.

President Donald Trump, who accused oil companies of price

"gouging" last month and urged them to do more to lower gasoline

prices.

CHEVRON KEEPS DIVIDENDS, BUYBACKS STEADY

Chevron ( CVX ) repurchased $3 billion in shares during the second

quarter and paid dividends of $3.5 billion that matched those of

the previous quarter.

Bonner said the company would maintain its full-year share

repurchase target of between $10 billion and $20 billion and

focus on strengthening the balance sheet over the long term.

"Because energy is cyclical, our business has to perform in

all cycles. We're not changing our plan around a single

quarter," she said.

In Venezuela, where the Trump administration is trying to

increase U.S. oil company investment, Chevron's ( CVX ) joint ventures

are now producing about 280,000 barrels per day, Bonner said.

"We believe in the next 18 to 24 months, we can grow

production by another 15%," she said.

Chevron ( CVX ) was evaluating incremental production opportunities

that would depend on receiving favorable terms with the

Venezuelan government, she added.

Chevron ( CVX ) also said on Friday it has achieved deal synergies of

$1.5 billion from last year's acquisition of Hess, with the

milestone reached six months ahead of schedule and above the

initial $1 billion synergy target set when the deal closed.