Chevron Crushes Earnings Expectations with Monster Cash Flow Gusher
Chevron posted a massive increase in earnings for its second quarter, up 446% from the same period last year and 385% compared to the year-ago period. The oil giant's adjusted earnings of $6.05 per share surpassed analysts' consensus estimate of $5.55.
Chevron generated an impressive $22.6 billion in cash flow from operations during the quarter, a significant increase from last quarter and more than the cumulative amount produced in the first half of last year. Its free cash flow was a substantial $15.4 billion, more than triple its total from last year ($4.9 billion) and last quarter ($4.1 billion).
The company's strong earnings and cash flow enabled it to easily cover its dividend payment of $3.5 billion during the second quarter. Chevron also repurchased over $3.1 billion of shares and reduced debt by a record $8.4 billion, further strengthening its balance sheet.