Why Chevron (CVX) Shares Are Trading Higher Today - Chevron (NYSE:CVX)

Chevron Corporation CVX posted a Q2 net profit of $11.6 billion, up 277% Y/Y, with an adjusted EPS of $5.82, beating the consensus of $5.08.
Sales in Q2 were $68.76 billion, compared to $37.59 billion in the year-ago period, surpassing the consensus of $57.96 billion.
Net oil-equivalent production was 2.90 million barrels per day. International production decreased 13%, primarily due to the end of concessions in Thailand and Indonesia. The U.S. production increased by 3%, mainly in the Permian Basin.
The average sales price per barrel of crude oil and natural gas liquids was $89, up from $54 a year earlier. Natural gas sales price reached $6.22 per thousand cubic feet, up from $2.16.
The international sales price for crude was $102 per barrel, up from $62 a year earlier.
Chevron increased the top end of its annual share repurchase guidance range to $15 billion from $10 billion.
"We more than doubled investment compared to last year to grow both traditional and new energy business lines," CEO Michael Wirth said.
Chevron signed agreements to export 4 million tonnes per year of LNG out of the U.S. Gulf Coast, commencing in 2026.
Price Action: CVX shares are up 3.98% at $156.37 during the premarket session on the last check Friday.

Chevron Posts Bumper Q2 Profits Amid Rising Energy Prices, Lifts Share Buyback Guidance