Chevron Reports Q3 Results – Sees Dip In Earnings

By John Heerdink LinkedIn

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.

To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Chevron earnings drop 36%, more than expected in CNBC)


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