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Chevron Reports 26% Drop in Q2 Profit, Moves Headquarters to Texas
Chevron, the second-largest oil company in the US, reported a net profit of $4.4 billion for the second quarter ending in June, down 26% year-on-year. Adjusted earnings per share were $2.55, missing the expected $2.88. Revenue was $51.18 billion, up 4.6% year-on-year, slightly above the expected $50.8 billion. The profit decline was attributed to lower refining margins and falling oil prices. Chevron also announced it will move its headquarters from California to Texas. Despite the profit drop, Chevron’s daily production increased by 11% year-on-year to 3.29 million barrels.
