Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide.
Chevron announced Q3 earnings recently reporting earnings of $2.6 billion, a 36% decline in earnings in comparison to a year earlier due to falling oil prices, oversupply concerns, and high production cost. EPS of $1.36 cents was reported missing expectations of $1.45. Revenue of $36.12B was reported vs. $37.69B expected as per Refinitiv data.
The average sale price per barrel of crude oil and natural gas liquids was priced at $47 in Q3, 24% lower than the $62 average price per barrel a year earlier. The average price of natural gas declined by 47% to 95 cents. Oil production of 3.03 million barrels per day was achieved.
“Third-quarter earnings and cash flow were solid, but down from our very strong results of a year ago. Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year’s third quarter.” stated Michael Wirth, Chevron’s chairman of the board and chief executive officer.
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