Chevron tops Q3 estimates as Hess deal drives record production
Chevron beat Wall Street expectations in the third quarter, lifted by record output following its $55 billion acquisition of Hess and strong refining margins.
The U.S. oil major reported adjusted profit of $1.85 per share, above analyst forecasts of $1.68. Operating cash flow jumped nearly 20% to $9.9 billion, supported by rising production in the Permian Basin, U.S. Gulf of Mexico, and newly added Guyana assets, News.Az reports, citing Reuters.
Chevron’s combined production hit a record 4.1 million boepd, up from 3.4 million a year earlier. The company says it has “high confidence” free cash flow will continue growing thanks to higher-margin assets and $2–$3 billion in expected cost savings.
While upstream earnings fell 28% due to lower crude prices, downstream profit surged 91% on stronger refining margins. Chevron returned $6 billion to shareholders through dividends and buybacks in the quarter.
The company will brief investors on its updated financial outlook on November 12.
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