What were Chevron's adjusted earnings per share for Q2, and how did they compare to analyst expectations?

Chevron's adjusted earnings were $6.06 a share, which was 41 cents above the average of estimates in a Bloomberg survey. This marked the company’s largest quarterly net income since 2022.

How did geopolitical events—particularly the US-Iran conflict and Ukrainian attacks on Russian refineries—affect Chevron's profitability in Q2?

The US-Iran conflict, which began in late February and restricted ship traffic through the Strait of Hormuz, forced petroleum buyers to bid up prices for alternatives to Persian Gulf crude, contributing to higher oil prices that spiked to over $125 a barrel in late April. Additionally, Ukrainian attacks on Russian refineries exacerbated regional supply crunches for diesel, jet fuel, and gasoline, sustaining near-record refining margins—even as crude prices later fell to the $90 range.

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Chevron reported second-quarter adjusted earnings of $6.06 per share, beating forecasts amid surging oil and fuel prices driven by geopolitical conflicts. The company reduced debt by $8.4 billion while ramping up production to record levels.

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