Chevron Announce Earnings of $3.1 billion
Chevron Corporation (NYSE: CVX) today reported earnings of $3.1 billion ($1.60 per share – diluted) for second quarter 2021, compared with a loss of $8.3 billion ($(4.44) per share – diluted) in second quarter 2020.
Included in the current quarter were remediation charges associated with previously sold assets of $120 million and pension settlement costs of $115 million. Foreign currency effects increased earnings by $43 million. Adjusted earnings of $3.3 billion ($1.71 per share – diluted) in second quarter 2021 compares to an adjusted loss of $2.9 billion ($(1.56) per share – diluted) in second quarter 2020. For a reconciliation of adjusted earnings/(loss).
Sales and other operating revenues in second quarter 2021 were $36 billion, compared to $16 billion in the year-ago period.
In the second quarter, Chevron continued to pursue the development of renewable and lower carbon fuels. The company began to produce renewable diesel at its El Segundo, California refinery by co-processing bio-feedstock. The company also established its first branded compressed natural gas (CNG) station as part of its plan to sell renewable natural gas through more than 30 CNG stations in California by 2025.
In addition, the company announced separate agreements to collaborate with Toyota Motor North America, Inc. and Cummins Inc. to advance its goal of building a commercially viable, large-scale hydrogen business.
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