HOUSTON: Chevron posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down in pre-market trading.
Oil company earnings have slumped from record year-ago levels as crude prices eased and higher costs crimped refining and chemical profits. Results remain strong by historical standards but are well off year-ago levels.
The company earned $6.5 billion, down from $11.2 billion in the same period last year. Adjusted profit was $3.05 a share, compared to analysts’ expected $3.75 per share, according to LSEG data.
The earnings miss came after Chevron had warned in the second quarter that maintenance in its oil and gas production and refining businesses would hurt results. It also suffered a setback in a Kazakhstan project with a delay of about six months in expanding oil and gas production at its Tengizchevroil operation. Shares fell 5.4% to $146.40 in early trading.
Exxon and TotalEnergies also posted lower third-quarter results on weaker crude oil and refining profits with Exxon’s profit down 54% and TotalEnergies’ off 35%.
Comments
Comments are closed for this article.