Chevron Q3 revenue surges 83% to $44.71B
Chevron Corporation unveiled on Friday that its total revenue for the third quarter of the year reached $44.71 billion, beating analysts’ expectations. This marks an 83% increase when compared to the same period last year.
At the same time, the energy company reported that its quarterly adjusted earnings totaled $6.11 billion, skyrocketing from last year’s loss of $207 million. Upstream earnings accounted for $5.14 billion, while downstream earnings landed at $1.31 billion. Chevron’s earnings per share soared to $2.96, far exceeding expectations.
CEO Mike Wirth stated: “Third quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure.”
Chevron shares were up 2.10% in premarket trading following the release of the report.
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