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Chevron reports Q2 earnings miss on weak refining margins
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Chevron reports Q2 earnings miss on weak refining margins
Aug 2, 2024 4:22 AM

Aug 2 (Reuters) - Oil giant Chevron Corp ( CVX ) 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 ( CVX ) 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)

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