CHEVRON on Friday (Nov 1) beat Wall Street estimates for third-quarter profit, helped by higher oil and gas output, but overall earnings fell compared to the year-ago level.
The company, whose proposed US$53 billion takeover of Hess has been delayed due to a challenge by rivals ExxonMobil and Cnooc, reported a profit of US$4.53 billion, compared to US$5.72 billion a year ago.
Oil industry profits have sagged this year from softer oil prices and weaker fuel demand growth. Oil futures in the quarter ended Sep 30 averaged 17 per cent below the prior quarter, and global fuel margins have suffered from slowing demand growth and excess supplies.
European oil majors BP and TotalEnergies this week also posted weaker results on sharp year-over-year declines on refining margins, lower oil prices and gas-trading profits. ExxonMobil also posted better than expected profit but total profit fell 5 per cent compared to the year-ago level.
Chevron said it earned US$2.51 per share for the quarter, compared to analysts’ estimates of US$2.42, helped by a 7 per cent year-over-year increase in oil and gas volumes and operating cost cuts. REUTERS
