Chevron stock falls after reporting full results, with revenue falling 48% but topping expectations

Shares of Chevron Corp.
CVX,
-1.04%
fell 2.0% in premarket trading Friday, after the oil giant reported full second-quarter results, a week after providing performance highlights, and confirmed a profit beat while reporting revenue that dropped nearly 30% but topped forecasts. Net income fell 48% to $6.01 billion, or $3.20 a share, from $11.62 billion, or $5.95 a share, in the year-ago period, amid lower extraction realizations and lower margins on refined product sales. The company confirmed that excluding nonrecurring items adjusted earnings per share was $3.08, which when revealed on July 23 beat the FactSet consensus of $2.91. Total revenue fell 29% to $48.90 billion, above the FactSet consensus of $46.73 billion. Net production grew 4% to a new quarterly record of 1.22 million barrels of oil equivalent per day, amid strength in the Permian Basin. Chevron said it plans to increase its investments in the U.S., as evidenced by deal announced in May to buy PDC Energy Inc.
PDCE,
-1.08%
in a $6.3 billion stock deal. Chevron’s stock has lost 11.1% year to date through Thursday while the Dow Jones Industrial Average
DJIA,
-0.67%
has gained 6.4%.