Sales and other operating revenues fell to $47.2 billion from $65.4 billion a year ago, mainly on lower commodity prices.

Adjusted net earnings were $5.78 billion, with Adjusted EPS being $3.08 (down from $5.82), missing the consensus of $3.28.

Lower upstream realizations and decreased margins on refined product sales negatively impacted earnings.

U.S. upstream earnings declined Y/Y, primarily on lower realizations.

International upstream earnings were down Y/Y due to lower realizations and unfavorable foreign currency impact.

U.S. downstream earnings fell Y/Y owing to lower margins on refined product sales and higher operating expenses.

International downstream earnings were lower than a year ago due to lower margins on refined product sales and a decline in foreign currency impacts.

Worldwide net oil-equivalent production was up 2% from the year-ago quarter, primarily due to record Permian Basin production of 772,000 barrels of oil equivalent per day.

Total shareholder distributions were $7.2 billion during the quarter, including dividends of $2.8 billion and share repurchases of $4.4 billion.

Dividend: CVX declared a quarterly dividend of $1.51 per share, payable on September 11, 2023, to the shareholders of record date as on August 18, 2023.

Operating cash flow totaled $6.3 billion, compared to $13.8 billion a year ago. Free cash flow was $2.5 billion.

CVX held cash and equivalents of $9.6 billion as of June 30, 2023.

Price Action: CVX shares are trading lower by 0.39% at $159.04 on the last check Friday.