Chevron Reports Third-Quarter Profit of $9.9 Billion

Energy major Chevron reported a third-quarter profit of $9.9 billion, nearly tripling its earnings from the same period a year earlier, according to OilPrice. The company posted earnings of $5.06 per share on Friday, compared with $1.82 a year prior.

Adjusted earnings reached $10.4 billion, or $5.28 per share, exceeding Wall Street estimates of $4.89 per share. Downstream operations drove the results, earning $4.93 billion, more than four times the $1.14 billion reported a year earlier. U.S. refining profits jumped to $3.59 billion from $638 million, with domestic refineries running at 98% capacity and processing a record 1.09 million barrels per day.

Upstream and Cash Flow Performance

Chevron benefited from higher crude prices, with Brent averaging $97 per barrel during the quarter compared with $69 a year earlier. This lifted upstream earnings to $5.7 billion from $3.3 billion. Worldwide production fell to 3.98 million barrels of oil equivalent per day from 4.09 million due to Middle East disruptions and lower production entitlements.

The company generated $16 billion in operating cash flow and $12 billion in free cash flow, up from $4.9 billion a year ago. Chevron reduced total debt by $3.5 billion and maintained share repurchases at $2.5 billion. It also plans investments in Venezuela, where joint ventures expect to spend $7 billion over five years.

Key facts

• Third-quarter profit nearly tripled to $9.9 billion, with earnings of $5.06 per share.
• Adjusted earnings reached $10.4 billion, or $5.28 per share, beating Wall Street estimates of $4.89.
• Downstream operations earned $4.93 billion, up from $1.14 billion a year earlier.
• U.S. refining profits rose to $3.59 billion from $638 million, with refineries operating at 98% capacity.
• Brent crude averaged $97 per barrel during the quarter, compared with $69 a year ago.