Chevron Smashes Earnings Estimates with Record Quarterly Profit

Chevron has reported its highest quarterly profit in at least six years, with net income of $12.1 billion and adjusted earnings of $6.05 per share.

The company's second-quarter performance was driven by record U.S. oil and gas production, refinery throughput, and Brent crude prices that averaged $104 per barrel during the quarter.

Chevron generated $22.6 billion in cash from operations, a $20.1 billion jump from the prior quarter, and free cash flow came in at $15.4 billion, more than triple the $4.9 billion from a year earlier.

The company used this cash to cover its $3.5 billion dividend payment and reduce debt by a record $8.4 billion, pushing its net leverage ratio down from 1.3 times to 0.6 times.