Chevron Clocks Over 80% Jump In Quarterly Earnings

Chevron Corp CVX posted a Q3 net profit of $11.2 billion, up 84% Y/Y, with an adjusted EPS of $5.56, better than the consensus of $4.91 and $2.96 posted a year earlier.
Sales in Q3 were $66.64 billion, compared to $44.71 billion in the year-ago period, surpassing the consensus of $59.17 billion.
Net oil-equivalent production was 3.03 million barrels per day, almost unchanged from Q3 FY21.
International production decreased by 3%, primarily due to the end of concessions in Thailand and Indonesia, while U.S. production increased by 4% compared to the same period a year ago, mainly in the Gulf of Mexico and the Permian Basin.
Related: Chevron Likely To Resume Oil Production In Venezuela As Biden Administration Considers Easing Sanctions.
In the U.S. upstream operations, the average sales price per barrel of crude oil and natural gas liquids was $76, up from $58 a year earlier. Natural gas sales price reached $7.05 per thousand cubic feet, up from $3.25.
The international sales price for crude was $89 per barrel, up from $68 a year earlier.
"We delivered another quarter of strong financial performance with return on capital employed of 25 percent," said Mike Wirth, Chevron's chairman and CEO. "At the same time, we're increasing investments and growing energy supplies, with our Permian production reaching another quarterly record."
Price Action: CVX shares closed at $179.90 on Thursday.
Photo Via Wikimedia Commons

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