• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 hours The United States produced more crude oil than any nation, at any time.
  • 17 hours China deletes leaked stats showing plunging birth rate for 2023
  • 59 mins The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Green Hydrogen Hype Gets Dose of Reality

Green Hydrogen Hype Gets Dose of Reality

As hydrogen plans become more…

Chevron Reports Its Second-Highest Quarterly Profits Ever

U.S. oil major Chevron (NYSE:CVX) has joined the oil and gas industry’s robust earnings crowd for the quarter by easily beating analyst profit estimates.

For Q3, Chevron Corp recorded its second-highest quarterly profit ever on the back of increased oil and gas demand and increased U.S. production.

Chevron’s net profit for the quarter soared to $11.2 billion, or $5.78 per share, nearly double the net profit recorded in Q3 2021 and easily beating analyst estimates that saw it at $4.86.

Chevron’s cash flow from operations increased to $15.3 billion for the quarter, and oil and gas production in the Permian for the quarter hit a quarterly record at 700,000 boepd. This is an increase of 12% from Q3 2021 and an increase of 8,000 boepd from the previous quarter.

Still, Chevron’s global production for the first nine months of the year fell to 2.993 million boepd, from 3.093 million boepd in the first nine months of 2021.

Chevron’s operating profit for its oil and gas business saw a huge 81% increase, reaching $9.3 billion for the quarter. Its refining segment saw its operating profits almost double to $2.5 billion, with refined product sales increasing 5% from a year ago, reaching 1.25 million bpd.

Chevron posted its highest-ever quarterly profits in the second quarter, thanks to high oil and gas prices and tight fuel markets driving multi-year high refining margins.

Chevron’s Q3 performance is similar to other oil and gas majors that benefited from the tight markets throughout the quarter, fueled in part by Russia’s invasion of Ukraine and plans to ban Russian oil and gas at a time when Europe was already dangerously low on inventories.

Chevron’s U.S. peer Exxon also reported its Q3 profits on Friday, boasting its highest-ever profits.

The U.S. oil and gas majors have been under pressure from the Biden Administration to pass on some of their robust profits to end users to alleviate high prices at the pump.


By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News