Chevron's Q2 results showed strong momentum, with production rising over 5% quarter-over-quarter to a near-record high and U.S. output hitting 2.1 million boe per day. U.S. refinery throughput exceeded 1 million barrels daily for the first time. Adjusted EPS beat estimates at $6.06 versus $5.62, while revenue reached $70.06 billion against $62.59 billion expected.

Hess synergies delivered $1.5 billion, 50% above target, and the full $3 billion in structural cost savings arrived six months early, mostly from efficiency gains. Cash flow from operations ex-working capital hit nearly $20 billion, enabling more than $8 billion in debt reduction and a net debt-to-CFO ratio of 0.6 times.

Management highlighted a 2.67-gigawatt Microsoft power deal with mid-teens returns under a 20-year contract, though repeatability is unproven. The outlook ...