Proactive Investors - Run By Investors For Investors

Chevron's profit falls in Q3

Chevron's profit falls in Q3

Chevron Corporation's (NYSE:CVX) net income fell 5.8% in the third quarter on revenue that came in slightly ahead of the same period a year ago.

The San Ramon, Calif.-based company reported earnings of US$5.0 billion or US$2.57 per share in the quarter, compared with US$5.3 billion or US$2.69 per share in the same period a year ago. Analysts had expected a US$2.71 profit.

Chevron's revenue grew 1.8% to $57 billion, compared to $56 billion in the year-ago period, against the mean analyst prediction of US$58.4 billion.

Shares in early trading on Friday had fallen nearly 2%.

Earnings from Chevron's upstream operations edged 0.9% lower to US$5.1 billion on production of 2.6 million barrels a day, 2.8% higher than last year as a result of lower maintenance-related downtime at Tengizchevroil and project ramp-ups in the United States, Nigeria and Angola, the company said.

The average sale price per barrel of crude in the quarter rose 6.6% to $97 in the U.S., while natural gas prices, on average, gained 23% quarter-over-quarter to $3.23 per thousand cubic feet. Internationally, Chevron sold crude at an average price of $104 per barrel, a rise from $98 per barrel last year. The average natural gas price from global operations was $5.88 per thousand cubic feet.

U.S. downstream earnings fell 45% to US$249 million from US$456 million last year due to lower margins and higher operating expenses. Lower margins also pulled down international downstream revenue to US$131 million.

View full CVX profile View Profile

Chevron Corporation Timeline

November 01 2013
August 28 2013

Related Articles

A deeper exploration prospect lies in the Djeno interval, where the adjacent Minsala field produces at a rate of 5,000 bopd.
oil rig
May 22 2019
Sidetrack at West Rutavi 16a flowed at 1,100 barrels per day against target of 650bopd for two wells
July 24 2018
The company is focused in the Wheatland and Princess in Southern Alberta, where it is targeting the Lower Mannville formation

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use