Chevron (CVX) Tops Q3 EPS by 31c

October 28, 2016 8:32 AM EDT
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Chevron (NYSE: CVX) reported Q3 EPS of $0.68, $0.31 better than the analyst estimate of $0.37. Revenue for the quarter came in at $30.14 billion versus the consensus estimate of $29.05 billion.

“Third quarter results, though down from a year ago, reflect an improvement from the first two quarters of this year,” said Chairman and CEO John Watson. “Our operational performance in the third quarter was strong. Our refineries continued to run well and Tengizchevroil completed the largest turnaround in its history ahead of schedule and under budget. We have had steady LNG production and cargo shipments from Gorgon Train 1, and we recently started LNG production from Gorgon Train 2. In light of these milestones, we expect December production between 2.65-2.70 million barrels per day in oil-equivalent.”

“We have made progress toward our goals of lowering the cash breakeven in our upstream business and getting cash balanced,” Watson added. “Capital spending and operating and administrative expenses have been reduced by over $10 billion from the first nine months of 2015 as a result of a series of deliberate actions we have taken.”

For earnings history and earnings-related data on Chevron (CVX) click here.

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