Chevron Q3 profit tops estimates on higher crude realizations

Chevron

Today 10:25

Overview
U.S. oil and gas giant's Q3 adjusted EPS beat analyst expectations
Q3 earnings rose sharply from a year ago, driven by higher margins and crude realizations
Company set record U.S. refinery throughput and expanded acreage in Venezuela

Outlook
Chevron plans to invest $7 bln in Venezuela joint ventures over five years for production growth
Company aims to more than double Venezuela production over five years
Chevron plans to reduce Bakken midstream costs by about 50% to boost competitiveness

Result Drivers
HIGHER MARGINS - Co said increased margins on refined product sales contributed to higher earnings
CRUDE REALIZATIONS - Higher crude oil realizations supported earnings growth, per co
RECORD U.S. REFINERY THROUGHPUT - Co achieved record crude unit throughput at U.S. refineries with utilization near 98 percent

Company press release: ID:nBw2c9Vva

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
Beat
$5.28
$4.88 (20 Analysts)
Q3 EPS
 
$5.06
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 24 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the integrated oil & gas peer group is "buy"
Wall Street's median 12-month price target for Chevron Corporation is $232.00, about 0.2% above its October 29 closing price of $231.46
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads
Oct 28 - TotalEnergies buys 25% stake in Chevron-run US offshore leases
Oct 28 - Phillips 66 posts record quarterly profit on refining strength

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)