Instead of outbidding Occidental in the battle for Anadarko, Chevron’s CEO decided to take the break fee and run. Last quarter’s results make that look an even better move, writes AntonyMCurrie.
Chevron earned $4.3 billion, or $2.27 a share, in the three months to the end of June. That exceeded the mean analyst estimate of $1.88, according to data from Refinitiv. Results included the $1 billion breakup fee – worth $720 million after tax - Chevron received from Anadarko Petroleum after it terminated the two companies’ merger agreement in favor of a higher offer from Occidental Petroleum. Chevron also benefitted from a one-off $180 million tax break. Revenue was $38.
Exxon’s net income for the same period declined 21% from a year earlier to $3.1 billion, or 73 cents a share. That beat the mean analyst estimate of 71 cents, according to data from Refinitiv. Earnings were boosted by a one-off $500 million tax benefit, worth 12 cents a share. Revenue of $69 billion was down from $73.5 billion a year earlier but exceeded the mean analyst estimate of $65.2 billion.
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