Chevron Earnings: No Surprises After Announcement Earlier in the Week; Repurchase Rate Reduced

Chevron's second-quarter earnings held little surprise after the firm issued an announcement earlier in the week, but they did exceeded market expectations with adjusted earnings of $5.8 billion compared with $11.4 billion a year before. Earnings fell from last year on lower price realizations and weaker global refining margins. Production increased to 2,959 thousand barrels of oil equivalent per day from 2,896 mboe/d the year before due largely to the Permian, which hit a record 772 mboe/d.