Chevron third-quarter profits beat expectations

Chevron posted better-than-expected third-quarter profits on Friday amid solid demand.

In the three months to 30 September, net profit rose to $11.2bn from $6.1bn in the same period a year earlier, with diluted earnings per share of $5.78, versus $3.19. This was comfortably ahead of analysts’ forecasts for diluted EPS of just under $4.9.

Sales and other operating revenues were $64bn in Q3, up from $43bn the year before.

Chevron’s US upstream operations earned $3.40bn, up from $1.96bn a year earlier. This was due mainly to higher realisations and higher volumes, partially offset by the absence of third-quarter 2021 asset sale gains.

The company said its Permian Basin unconventional production totalled more than 700,000 barrels of oil equivalent per day, up over 12% from last year’s quarter.

Chairman and chief executive Mike Wirth said: "We delivered another quarter of strong financial performance with return on capital employed of 25%.

"At the same time, we’re increasing investments and growing energy supplies, with our Permian production reaching another quarterly record.

"We’ve also taken important steps to position both our traditional and new energy businesses to help meet the world’s growing demand for our products."