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FOR RELEASE AT 3:00 AM PT JULY 30 , 2021 ● Chevron Announces Second Quarter 2021 Results Earnings of $ 3.1 billion ; adjusted earnings of $ 3.3 billion Cash flow from operations of $ 7.0 billion ; free cash flow of $ 5.2 billion Resuming share repurchases , targeted at $ 2-3 billion per year San Ramon , Calif . , July 30 , 2021 - Chevron Corporation ( NYSE : CVX ) today reported earnings of $ 3.1 billion ( $ 1.60 per share - diluted ) for second quarter 2021 , compared with a loss of $ 8.3 billion ( $ ( 4.44 ) per share - diluted ) in second quarter 2020. Included in the current quarter were remediation charges associated with previously sold assets of $ 120 million and pension settlement costs of $ 115 million . Foreign currency effects increased earnings by $ 43 million . Adjusted earnings of $ 3.3 billion ( $ 1.71 per share - diluted ) in second quarter 2021 compares to an adjusted loss of $ 2.9 billion ( $ ( 1.56 ) per share - diluted ) in second quarter 2020 . For a reconciliation of adjusted earnings / ( loss ) , see Attachment 5 . Millions of dollars Earnings by business segment Chevron Sales and other operating revenues in second quarter 2021 were $ 36 billion , compared to $ 16 billion in the year - ago period . Upstream Downstream human energy news release All Other Total ( 1 ) ( 2 ) Earnings Summary Three Months Ended June 30 2021 2020 Six Months Ended June 30 2021 2020 $ 3,178 $ ( 6,089 ) $ 5,528 844 839 ( 1,010 ) ( 935 ) ( 1,171 ) ( 1,913 ) $ 3,082 -MORE $ ( 3,169 ) 93 ( 1,595 ) $ ( 8,270 ) $ 4,459 $ ( 4,671 ) $ 41 $ 77 $ ( 437 ) ( 1 ) Includes foreign currency effects $ 43 ( 2 ) Net income attributable to Chevron Corporation ( See Attachment 1 ) " Second quarter earnings were strong , reflecting improved market conditions , combined with transformation benefits and merger synergies , " said Mike Wirth , Chevron's chairman and chief executive officer . " Our free cash flow was the highest in two years due to solid operational and financial performance and lower capital spending , ” Wirth added . " We will resume share repurchases in the third quarter at an expected rate of $ 2-3 billion per year . " Chevron continued to exercise capital discipline with year - to - date capital spending down 32 percent from a year ago . The company recently sanctioned the Jansz - lo Compression project in Australia , which is expected to maintain an important source of clean - burning natural gas . GS