Chevron Posts $12.1 Billion Quarter, Its Biggest Profit Since 2022

Chevron reported second-quarter net income of $12.1 billion, or $6.11 per diluted share, on Friday — its largest quarterly profit since 2022. Adjusted earnings of $6.06 per share came in well ahead of analyst estimates near $5.27, a beat of roughly 15%.

Revenue climbed 56% year over year to $70.1 billion as worldwide production rose 20%, with record U.S. output and near-full utilization at domestic refineries. Elevated crude prices tied to this year's Middle East tensions amplified the gains.

The company also disclosed a 20-year power agreement with Microsoft to supply a West Texas data center, adding a long-term demand anchor beyond its core oil and gas business.