Adjusted earnings decreased by $760 million versus last quarter due to lower upstream realizations, higher DD&A, and unfavorable tax impacts, partially offset by improved downstream earnings.
Cash flow from operations excluding working capital was $8.3 billion; adjusted free cash flow was $4.9 billion, a 15% increase quarter-on-quarter despite 10% lower crude prices.
Chevron reported second quarter earnings of $2.5 billion or $1.45 per share, with adjusted earnings of $3.1 billion or $1.77 per share.
Foreign currency effects decreased earnings by $348 million.
Organic CapEx was $3.5 billion, the lowest quarterly total since 2023, while inorganic CapEx was approximately $200 million related to lithium acreage acquisition.
Second quarter oil equivalent production increased by over 40,000 barrels per day from last quarter.
Special items including fair value measurement of Hess shares, pension curtailment costs, and asset sale gains resulted in a net charge of $215 million.
Adjusted free cash flow funded the fixed quarterly dividend of $0.20 per share, repaid the remaining credit facility balance, and resulted in cash on hand exceeding $100 million at June 30.
Cash production margin remained resilient despite a lower commodity price environment, with the Uinta Basin margin exceeding Midland Basin margin for the second quarter.
Net debt to adjusted EBITDAX was 1.2x, with pro forma leverage including full 12 months of Uinta EBITDAX estimated just under 1.1x.
Oil production was 115,700 barrels per day, representing over 55% of total production.
Operating costs decreased by 7% per BOE sequentially due to lower LOE and production taxes.
SM Energy delivered record production volumes totaling 209,000 barrels of oil equivalent per day, exceeding the midpoint of guidance by 5%.
The company beat consensus estimates for adjusted net income, adjusted EBITDAX, and adjusted free cash flow.
Transportation expense per BOE increased by 5% sequentially due to a higher production mix from the Uinta Basin.
Adjusted EBITDA increased to $163 million from $154.2 million in Q1, aided by foreign exchange gains totaling $11.7 million in Q2.
Free cash flow was $97.5 million in Q2, the second highest quarterly figure since the offshore recovery began, bringing H1 2025 free cash flow to over $192 million.
Gross margin was 50.1% for the third consecutive quarter, exceeding the prior expectation of 44%.
Net income was $72.9 million or $1.46 per share, including a $27 million one-time noncash tax benefit from reversal of valuation allowance.
Operating costs increased slightly due to more salaries, travel, and repair & maintenance expenses, partially offset by lower insurance and other costs.
Share repurchases totaled $51 million in Q2, reducing shares outstanding by approximately 1.4 million, with a new $500 million repurchase program authorized.
Tidewater reported Q2 2025 revenue of $341.4 million, a 2% increase from Q1, driven by higher average day rates and slightly better utilization.
Dafinchi