Chevron Corp. reported second quarter earnings that edged past analysts’ expectations, even as revenue missed estimates.
The energy company’s earnings for the three months ending in June surged around +27.5% year-over-year to $2.27 per share, crushing the Street consensus forecast of $1.78 per share.
The company benefited from a $1 billion termination fee it received after Occidental Petroleum bought Anadarko Petroleum with a winning $38 billion bid. The termination fee added $720 million to the quarter’s profit, Chevron said.
However, total revenue for the company declined -21% from the year-ago quarter to $36 billion, falling short of analysts' estimates of $40.55 billion.
While its U.S. shale production climbed +21% during the quarter, it was offset by sharply lower oil and gas prices.
Chevron’s daily production of oil and gas rose +9.1% to 3.08 million barrels - a record high for the company.
The company indicated that it expects to buy back $5 billion in its shares this quarter.