Chevron Corp. reported second-quarter adjusted earnings of $12.0 billion. Earnings reached $6.06 per share, surpassing consensus estimates. U.S. oil and gas production surged 20% year-over-year to reach record levels. The company also achieved record crude throughput at its U.S. refineries.
Performance gains followed the integration of Hess Corporation assets and Permian Basin growth. The Hess acquisition generated $1.5 billion in annual synergies. Chevron reached its $3 billion structural cost-saving target six months ahead of schedule.
Chevron signed a 20-year power purchase agreement with Microsoft for a West Texas data center. The deal aims to supply energy for the growing artificial intelligence sector.