Chevron (CVX) Tops Q3 EPS by 5c, Revenues Miss

Chevron (NYSE: CVX) reported Q3 EPS of $2.11, $0.05 better than the analyst estimate of $2.06. Revenue for the quarter came in at $43.99 billion versus the consensus estimate of $46.67 billion.

“Third quarter earnings more than doubled from a year ago,” said Chairman and CEO Michael Wirth. “Our strong financial results reflect higher production and crude oil prices coupled with a continued focus on efficiency and productivity.”

“Quarterly cash flow from operations of $9.6 billion was the highest it has been in nearly five years,” Wirth added. “This allowed us to pay the dividend, fund our capital program, strengthen the balance sheet, and repurchase $750 million of the company’s common stock.”

“Net oil-equivalent production of 2.96 million barrels per day represents our highest quarter ever. Ramp-up of Wheatstone in Australia and the Permian Basin in Texas and New Mexico drove a production increase of 9 percent over the prior year quarter.”

“We also completed the sale of our southern Africa refining, marketing and lubricant assets, keeping us on track to meet our asset sales targets,” Wirth added.

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

You May Also Be Interested In

• Growth isn't weak enough to truly undercut inflation pressures - BMO
• Synovus Financial (SNV) PT Lowered to $42 at Piper Sandler
• Chevron (CVX) PT Raised to $204 at Piper Sandler