Chevron tops profit estimate in latest quarter as revenue falls short
Chevron Corp. said Friday it had net income of $4.047 billion, or $2.13 a share, in the third quarter, up from $1.952 billion, or $1.03 a share, in the year-earlier period. Revenue rose to $43.987 billion from $36.205 billion. The FactSet consensus was for EPS of $2.06 and revenue of $46.672 billion. "Our strong financial results reflect higher production and crude oil prices coupled with a continued focus on efficiency and productivity," Chief Executive Michael Wirth said in a statement. The company net net oil-equivalent production of 2.96 million barrels a day,its highest level ever, he said. "Ramp-up of Wheatstone in Australia and the Permian Basin in Texas and New Mexico drove a production increase of 9 percent over the prior year quarter. We also completed the sale of our southern Africa refining, marketing and lubricant assets, keeping us on track to meet our asset sales targets." Shares rose 2% premarket, but are down 11.2% in 2018 through Thursday, while the S&P 500 has gained 2.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.