Chevron: profit more than doubles with oil price surge
(CercleFinance.com) - Chevron, the second-largest US oil company, said on Friday that its third-quarter earnings more than doubled year-on-year, as oil prices surged and the group's productivity improved.
Chevron's third-quarter profit rose to 4 billion dollars, or 2.11 per share, from 2 billion, or 1.93 dollar per share, a year earlier. That topped analysts' average estimate of 2.06 dollars per share.
"The earnings strength came from the downstream, which was 61% ahead of consensus," analysts at Berenberg noted.
The net oil-equivalent production of 2.96 million barrels per day reached Chevron's highest quarter ever, the company said.
As a result, revenue jumped to 42 billion dollars, compared to 34 billion dollars last year.
The San Ramon, California-based group's report comes after ExxonMobil also beat consensus with its quarterly numbers.
Chevron shares were up 3.7 percent at 115.7 dollars in early morning trading. Note that the stock has fallen 7% since the start of 2018.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Chevron's third-quarter profit rose to 4 billion dollars, or 2.11 per share, from 2 billion, or 1.93 dollar per share, a year earlier. That topped analysts' average estimate of 2.06 dollars per share.
"The earnings strength came from the downstream, which was 61% ahead of consensus," analysts at Berenberg noted.
The net oil-equivalent production of 2.96 million barrels per day reached Chevron's highest quarter ever, the company said.
As a result, revenue jumped to 42 billion dollars, compared to 34 billion dollars last year.
The San Ramon, California-based group's report comes after ExxonMobil also beat consensus with its quarterly numbers.
Chevron shares were up 3.7 percent at 115.7 dollars in early morning trading. Note that the stock has fallen 7% since the start of 2018.
Copyright (c) 2018 CercleFinance.com. All rights reserved.