Summary by Futu AI
Chevron Corporation (Chevron) reported a net income of $4.4 billion for the second quarter of 2024, a decrease from $6.0 billion in the same period of 2023. Diluted earnings per share for the quarter were $2.43, down from $3.20 year-on-year. The company's upstream earnings fell to $4.5 billion from $4.9 billion, attributed to the absence of favorable tax effects, higher expenses, and negative foreign currency effects, despite higher sales volumes. Downstream earnings also declined to $597 million from $1.5 billion, primarily due to lower sales margins and increased operating expenses. Chevron's non-trade receivable balance stood at $4.0 billion, including receivables from government joint venture partners. The company announced a definitive agreement to acquire Hess Corporation in an all-stock transaction valued at approximately $53 billion, with the...Show More