Why did CVX's Q2 2024 earnings exceed expectations?

Chevron's Q2 2024 earnings exceeded expectations due to strong oil production growth from recent acquisitions and higher crude prices: 1. **Recent Acquisitions**: Chevron's acquisition of PDC Energy has contributed to its strong oil production growth. The company's continued strength in the Permian Basin has also boosted output. 2. **Higher Crude Prices**: Crude oil prices have been above $80 a barrel, which has benefited Chevron's upstream operations. The company's acquisition of PDC Energy and its position in the Permian Basin have allowed it to take advantage of these higher prices. Overall, Chevron's strategic acquisitions and favorable market conditions have contributed to its ability to exceed earnings expectations.