Investing.com — Shares of Chevron Corporation (CVX) are higher in pre-market trading after the company reported third-quarter earnings that beat expectations.
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Adjusted earnings came in at $5.28 per share, beating analysts’ estimates of $4.88, as the energy giant benefited from stronger refining margins and higher crude oil prices. Revenue reached $67.8 billion, beating the consensus estimate of $60.55 billion and up 36% from $49.7 billion in the same quarter last year.
Chevron stock rose 1% before the bell Friday.
235.40 +3.94 (+1.70%)
At 1:19:31 p.m. EDT. Open market.
The company reported adjusted profit of $10.4 billion for the quarter, compared to $3.6 billion in the year-ago period. U.S. refineries achieved a record crude throughput of 1.09 million barrels per day with utilization rates near 98%, while downstream operations generated significantly higher margins on refined product sales. Shares rose 2.2% following the results.
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“We have delivered strong operational performance and disciplined execution, while continuing to invest to expand energy supply,” said Mike Wirth, Chevron Chairman and CEO. He noted that U.S. upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter.
Total oil equivalent net production was 3,980,000 barrels per day during the quarter, down 3% year-over-year, primarily due to lower duties due to higher prices and impacts of the Middle East conflict, partially offset by record production in Australia-operated assets and higher production in the Gulf of America.
The company generated $16.0 billion in operating cash flow and $12.0 billion in free cash flow during the quarter. Chevron reduced its total debt by $3.5 billion and achieved a return on capital employed of 18%.
Chevron declared a quarterly dividend of $1.78 per share, payable on December 10, 2026.
Original article
Chevron beats estimates as refining margins boost profits
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