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Chevron Q3 2018 earnings




Chevron reported quarterly earnings that beat analysts expectations on Friday, as the record setting of oil and gas production increased the company's bottom line.

Shares of the oil producer were more than 2 percent in the trading market.

Chevron had a profit of 4.05 billion in the quarter, more than doubled its earnings a year ago. It came to $ 2.1 per share, slightly striking Wall Street expectations of $ 2.06 per share, according to Refinitiv.

"Our strong financial performance reflects higher production and crude oil prices combined with continued focus on efficiency and productivity, "said Michael Wirth, CEO and CEO in a statement. [1[ads1]9659003] The company pumped nearly 3 million barrels of oil per day, mostly as it was ever produced in a quarter. as Chevron upgraded its production from its Wheatstone liquid natural gas project in Australia and whose production continued to increase from its wells in the Permian Basin underlying Texas and New Mexico.

This contributed to to run a nearly seven times jump from revenues in the third quarter of 2017 in Chevron's oil and gas exploration and production business, where the surplus struck $ 3.38 billion quarter.

Chevron's second major business area, refining and marketing fuel like gasoline and diesel, so earnings fall 24 percent. The decline was mainly due to Chevrons international refining operations, where profit margins were lower and the company sold fewer assets compared to a year ago.

Weak profit margins in the foreign refining business also weighed on Chevrons bottom line last year, although earnings improved over the last three months.

Last week, Reuters reported that Chevron is negotiating to purchase a Pasadena, Texas refinery, which would be the first Houston facility. The refinery would give Chevron control over a processing device relatively close to its Permian wells and position it near Mexico's exporting hub.

The results were also strengthened by $ 930 million in financial items, including a write-down, asset write-down and a contractual agreement, and Chevron's $ 350 million sale of African refining, marketing and lubricants.

Chevron's revenue increased by 21 percent from a year ago to $ 43.99 billion, but still in the light of estimates. Analysts had expected 46.67 billion dollars in quarterly sales.

Shares in Chevron are down at almost 10 percent this year, with much of the decline over the last three months, despite the fact that the company announced a $ 3 billion buyback program at the latest reported quarterly earnings.



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