Chevron Smashes Q2 Earnings Estimates with $12 Billion Profit

Chevron's Q2 earnings surpassed analyst estimates, reaching a six-year high of $12 billion, or $6.06 per share. This beats the average estimate of $5.56 per share according to data compiled by LSEG.

The increased profits are largely due to higher oil prices, which have risen 23% from the previous quarter. Chevron's CEO Mike Wirth warned that ongoing conflicts would continue to put global energy supplies under stress, saying 'Every day that goes by, the situation gets more difficult.'

Chevron's upstream earnings reached $8.2 billion, a 200% increase from last year. The company's US output hit a new record of 2.08 million barrels of oil equivalent per day.