Chevron earned $12.1bn on Brent at $104, and the gas it sold in the United States fetched 91 cents per thousand cubic feet
Brent averaged $104 a barrel in the second quarter. The release says so on its own front page, sourcing the figure to Platts, and sets it against $81 in the first quarter and $68 in the same quarter last year. Almost everything else in the document follows from that line.
Chevron reported earnings of $12,072m, or $6.11 a diluted share, against $2,490m and $1.45 a year earlier. Adjusted earnings were $11,977m. Return on capital employed was 21.4 percent, against 6.2 percent.
Production reached 4,070 thousand barrels of oil equivalent a day, up 20 percent on the year, which the release attributes largely to the legacy Hess assets and to growth in the Permian Basin and the Gulf of America.
The number in the American gas column
Inside the US upstream table, one line moved the other way.
Chevron realised $0.91 per thousand cubic feet on natural gas sold in the United States. A year earlier the same line read $1.75, and in the first quarter of this year it read $2.48. Over the same three periods the liquids realisation went from $47.77 a barrel to $51.94 and then to $70.80.
So the barrel the company sold at home rose by roughly half while the gas alongside it fell to about a third of what it fetched three months earlier. US upstream earnings still rose to $3,541m from $1,418m, because the liquids line is far larger, and the release names higher liquids realisations and sales volumes first among the reasons. Internationally the picture does not repeat: gas realisation there was $7.84 per thousand cubic feet, against $7.20 a year ago.
Refining did the rest
The downstream segment went from a loss of $817m in the first quarter to a profit of $4,868m in the second, a swing of $5,685m in three months. International downstream alone moved from a $1,013m loss to a $2,457m profit.
US refineries ran crude units at a record 1.07 million barrels a day, which the release puts at more than 97 percent utilisation. Refined product sales fell 4 percent, and the release attributes that to lower demand for gasoline.
Not every barrel was available. International upstream production rose by 292,000 barrels a day on the year, and the release says that increase was partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait, which it attributes to the Middle East conflict.
What the company put in the milestones list
Three items sit under Business Highlights and Milestones and are worth separating from the quarter itself.
Chevron signed a 20-year power purchase agreement to supply about 2.67 gigawatts of behind-the-meter capacity to a Microsoft data centre in West Texas, from a power facility it will develop. It signed heads of agreement with the Government of Iraq covering possible participation in the West Qurna 2 and Nasiriyah developments and an export pipeline. And it agreed to sell its 50 percent interest in the Singapore Refining Company along with downstream assets in Vietnam, Australia, Indonesia, the Philippines and Malaysia, in a transaction the release expects to close in 2027, having already completed the sale of its Hong Kong fuels and lubricants businesses.
Total debt fell by $8.4bn in the quarter, which the release calls a record. The board declared a dividend of $1.78 a share, payable on 10 September to holders of record on 19 August.
