Chevron Corp. (NYSE: CVX) reported third-quarter results before markets opened Friday morning. For the quarter, the oil & gas supermajor posted diluted earnings per share (EPS) of $2.11 on total revenues of $43.99 billion. In the same period a year ago, the company reported EPS of $1.03 on total revenues of $36.2 billion. Third-quarter results compare to the consensus estimates for EPS of $2.06 and $46.67 billion in revenues.
Net income for the quarter totaled $4.06 billion compared to net earnings of $1.95 billion in the year-ago quarter. Upstream earnings soared to $3.38 billion while downstream earnings fell by 24% to $1.37 billion. Higher realized prices and increased production boosted upstream earnings while downstream earnings were lower due to an 8% drop in sales of gasoline, diesel fuel, and jet fuel.
One-time items nicked profits by $580 million and currency exchange effects lopped off another $112 million.
The U.S. upstream segment posted earnings of $828 million compared with a net loss of $26 million in the year-ago quarter. International upstream posted a profit of $2.55 billion compared with a profit of $515 million last year.
Total net oil-equivalent production in the first quarter totaled 2.95 million barrels a day, up by 89,000 barrels a day compared with the year-ago quarter. Net oil-equivalent production in the United States totaled 831,000 barrels a day, up by 150,000 barrels year over year. Average U.S. price realizations per barrel of oil rose from $45.00 a year ago to $68.15.
Internationally, liquids prices rose from $56.68 a barrel a year ago to $68.73 a barrel and net oil-equivalent production rose by 41,000 barrels a day to 2.11 million barrels a day
U.S. natural gas realizations dipped from $1.86 per thousand cubic feet to $1.80 while international prices rose from $4.93 to $6.73 per thousand cubic feet.
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