Chevron Corporation (NYSE: CVX), a leading integrated energy, petrochemical and resin producing company, has reported Q2 2023 earnings of $6.0 billion, a decrease from $11.6 billion in Q2 2022. Adjusted earnings for Q2 2023 stood at $5.8 billion. The company returned a record $7.2 billion to shareholders in the quarter, marking a 37% increase from the same period last year.

Chevron's Chairman and CEO, Mike Wirth, highlighted the company's strong quarterly financial results and record production in the Permian Basin. The company plans to further increase its US investments with the proposed acquisition of PDC Energy, Inc., expected to close in August 2023. This acquisition is anticipated to add $1 billion to annual free cash flow.

In Q2 2023, Chevron's earnings decreased primarily due to lower upstream realizations and lower margins on refined product sales. Sales and other operating revenues were $47.2 billion, down from $65.4 billion in the year-ago period, mainly due to lower commodity prices. Worldwide net oil-equivalent production increased by 2% from the year-ago quarter, primarily due to record Permian Basin production.

The company's Board of Directors declared a quarterly dividend of $1.51 per share, payable on September 11, 2023. Even as revenue has dropped from the prior year, the industry remains strong.

--The Plastic Exchange