Chevron's second-quarter earnings fell short of expectations, with adjusted earnings per share at $2.55 versus the anticipated $2.93. Despite a revenue increase to $51.18 billion, net income dropped 26% year-over-year. Lower refining margins contributed to the earnings miss, and the company's refining sector faced substantial declines.

Additionally, Chevron's planned acquisition of Hess Corporation has been delayed due to arbitration issues with Exxon Mobil over Hess's Guyana assets. The deal's closure is now expected in 2025, with further review by the Federal Trade Commission.

Chevron also announced it will move its headquarters from San Ramon, California, to Houston by the end of 2024. CEO Mike Wirth stated that the move reflects Chevron's expanding presence in Texas. Following these updates, Chevron’s stock closed 2.67% lower on Friday, continuing its year-to-date underperformance with a 0.4% decline.