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Chevron (CVX) Q3 revenue slumps regardless of increased oil costs



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A Chevron gasoline station on December 05, 2022 in Houston, Texas.

Brandon Bell | Getty Photos


Chevron posted a third-quarter revenue that missed Wall Avenue estimates by a large margin, sending its share worth down in premarket buying and selling.

Oil firm earnings have slumped from document year-ago ranges as crude costs eased and better prices crimped refining and chemical earnings. Outcomes stay robust by historic requirements however are properly off year-ago ranges.


The corporate earned $6.5 billion, or $3.48 per share, in contrast with $11.2 billion, or $5.78 per share, in the identical interval final yr.

Adjusted revenue was $3.05 a share, in contrast with analysts’ estimate of $3.75 per share, in response to LSEG information.


Shares fell a fraction to $153.65 in premarket buying and selling.

Outcomes come after Chevron agreed to purchase U.S. Hess for $53 billion to develop its shale and deepwater oil manufacturing. The Hess deal was the newest in a collection of purchases.


Chevron has spent closely in current months to develop its reserves of oil and gasoline and to construct its lower-carbon enterprise. Along with Hess, it acquired shale oil and gasoline producer PDC Vitality and ACES Delta, a hydrogen storage agency.

The earnings miss got here after the corporate warned that upkeep in its oil and gasoline manufacturing and refining companies would damage outcomes.


Revenue from pumping oil and gasoline fell about 38% to $5.76 billion within the quarter from $9.3 billion a yr in the past. However quantity rose to three.1 million barrels of oil and gasoline per day (boed) on its acquisition of PDC Vitality. It pumped 3.0 million boed a yr in the past.

Oil costs not too long ago rebounded from a mid-year stoop as tighter provides drove up crude costs.


Its refining enterprise posted an working revenue of $1.68 billion, down from $2.53 billion a yr in the past. Good points from its U.S. refining enterprise had been offset by weak spot abroad, the place margins and inputs fell.

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