Chevron Third Quarter Earnings Surpass Estimates Driven by Refining Profits
Chevron (CVX) reported a significant surge in third-quarter net income, reaching $9.9 billion or $5.06 per share, compared to $3.5 billion in the previous year. Adjusted earnings of $5.28 per share exceeded Wall Street expectations of $4.89, supported by robust revenue of $67.8 billion. The company's performance was primarily driven by its refining division, which saw profits jump over 300% to $4.9 billion. This growth resulted from U.S. refineries operating at 98% capacity to capitalize on elevated global diesel and jet fuel prices caused by geopolitical tensions in Russia and the Middle East. While oil and gas production profits rose 70% to $5.7 billion, total output saw a slight decline to 3.9 million barrels per day. This decrease was largely attributed to disruptions in international segments linked to conflicts in the Middle East, despite steady production levels within the United States.
Tickers: $CVX
Topics: diesel prices earnings beat oil and gas production refining margins
Part of the story ExxonMobil Third Quarter Earnings Driven by Record Refining Margins (13 articles)