financetom
Business
financetom
/
Business
/
Chevron reports Q2 earnings miss on weak refining margins
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Chevron reports Q2 earnings miss on weak refining margins
Aug 2, 2024 3:52 AM

(Reuters) -Oil giant Chevron Corp missed estimates for second-quarter profit on Friday, hurt by weak refining margins, sending its shares down 1.5% in premarket trading.

The miss came after Chevron warned in June that maintenance work at some its oil and gas production and refining facilities would have an impact on its results.

Earnings from pumping oil and gas were down 9.4% from a year earlier. Profit from producing gasoline and chemicals was also down about 60% to $597 million.

"Despite recent operational downtime and softer margins, we remain poised to deliver significant long-term earnings and cash flow growth," CEO Mike Wirth said.

The company, whose $53 billion takeover of Hess has been delayed to at least May next year, reported adjusted earnings of $2.55 per share, missing analysts' estimates of $2.93.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D'Silva)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
India in talks with US to buy combat vehicles, seal fighter jet engine deal as Modi visits, sources say
India in talks with US to buy combat vehicles, seal fighter jet engine deal as Modi visits, sources say
Feb 9, 2025
* Modi visits Washington on Wednesday and Thursday * Trump wants India to buy more U.S.-made security equipment * Modi says defence, technology, trade and energy ties in focus (Adds Modi quotes in paragraphs 3-4, Modi prepares additional tariff cuts paragraph 5) By Shivam Patel NEW DELHI, Feb 10 (Reuters) - India is in talks with the United States for...
UK's Johnson Matthey names DS Smith's Pike as next CFO
UK's Johnson Matthey names DS Smith's Pike as next CFO
Feb 9, 2025
Feb 10 (Reuters) - British autocatalyst maker Johnson Matthey ( JMPLF ) said on Monday that it appointed Richard Pike, packaging firm DS Smith's ( DITHF ) group finance director, as its chief financial officer and that Chairman Patrick Thomas will be stepping down from his role. The management shuffle comes after the company's largest shareholder, Standard Investments, called on...
Siemens investor Deka to vote against Jim Hagemann Snabe as chairman
Siemens investor Deka to vote against Jim Hagemann Snabe as chairman
Feb 10, 2025
ZURICH (Reuters) - Siemens shareholder Deka Investment will vote against the reelection of Jim Hagemann Snabe as chairman at the German engineering group, it said on Monday. Snabe, who has been a member of the Siemens supervisory board since 2013 and chairman since 2018, is seeking two more years as chairman at the company's shareholder meeting on Thursday. Mr. Snabe...
BRIEF-Maurel & Prom To Buy 40% Operating Working Interest In Sinu-9 Gas Licence In Colombia
BRIEF-Maurel & Prom To Buy 40% Operating Working Interest In Sinu-9 Gas Licence In Colombia
Feb 9, 2025
Feb 10 (Reuters) - Etablissements Maurel et Prom SA : * SIGNING OF THE DEFINITIVE AGREEMENT FOR THE ACQUISITION OF A 40% OPERATING WORKING INTEREST IN THE SINU-9 GAS LICENCE IN COLOMBIA * TRANSACTION EFFECTIVE DATE 1 FEBRUARY 2025, CONSIDERATION $150 MILLION * M&P TO PAY $20 MILLION DEPOSIT, REMAINDER AT COMPLETION * M&P HAS 12-MONTH OPTION TO ACQUIRE ADDITIONAL...
Copyright 2023-2026 - www.financetom.com All Rights Reserved