- Reported earnings of $6.0 billion; adjusted earnings of $5.8 billion
- Record Permian Basin production, 11 percent higher than the year-ago period
- Record shareholder distributions of $7.2 billion
- PDC Energy, Inc. acquisition expected to close in August 2023
Chevron has provided second quarter 2023 performance highlights.
Performance Highlights
- Permian Basin production of 772,000 barrels of oil equivalent per day set a new quarterly record. Early 2023 Permian well performance in company-operated assets is on track with our full year guidance. The company’s deep resource inventory and advantaged royalty position is expected to deliver strong cash flow through 2040.
- The major projects at the company’s 50 percent owned affiliate, TengizChevroil LLP, are 98 percent complete, with approximately 66 percent progress on pre-startup commissioning activities. Cost and schedule guidance is unchanged.
- Quarterly shareholder distributions were a record $7.2 billion, including dividends of $2.8 billion and share repurchases of $4.4 billion (over 27 million shares repurchased during the quarter and nearly 50 million shares year-to-date) .
- The company expects to close the acquisition of PDC Energy, Inc. in August 2023
Click here for full announcement
Source: Chevron
