Chevron (NYSE:CVX) shares are trading over 2% lower in pre-market Friday despite the company reporting better-than-expected profit figures for the second quarter.
Chevron reported adjusted EPS of $3.08 on revenue of $48.9 billion, which compares to the consensus for earnings of $2.98 on revenue of $47.62B. The oil giant generated $6.3B from its operations in Q2.
“Our quarterly financial results remain strong, and we returned record cash to shareholders,” said Mike Wirth, Chevron’s chairman and chief executive officer. The company has delivered more than 12 percent ROCE for eight straight quarters and returned $7.2 billion to shareholders in the quarter, an increase of 37 percent from the year-ago period.
The company also noted record Permian Basin production in Q2. Chevron said it returned $7.2B to shareholders in Q2, including $2.8B via dividend payments and $4.4B via share buybacks.
“Our consistent performance and disciplined use of capital are driving superior value for our shareholders,” Wirth added.