Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Chevron's profit slumps, shares fall By: FOX Business October 27, 2023 at 10:09 AM EDT Chevron's third-quarter earnings missed Wall Street estimates by a wide margin, sending its share price down despite its recent megadeal with Hess. Chevron posted third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down. 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.WARREN BUFFETT'S BERKSHIRE HATHAWAY UPS STAKE IN OCCIDENTAL PETROLEUM, AGAINThe company earned $6.5 billion, or $3.48 per share, compared to $11.2 billion or $5.78 per share in the same period last year.CHEVRON TO ACQUIRE HESS IN $53 BILLION DEALAdjusted profit was $3.05 a share, compared to analysts' expected $3.75 per share, according to LSEG data.Shares fell a fraction to $153.65 in pre-market trading.A LOOK AT PAST OIL SHOCKS, ISRAEL'S WAR AND IRAN AS WILD CARDResults come after Chevron agreed to buy U.S. Hess Corp for $53 billion to expand its shale and deepwater oil production. The Hess deal was the latest in a series of purchases.Chevron has spent heavily in recent months to expand its reserves of oil and gas and to build its lower-carbon business. In addition to Hess, it acquired shale oil and gas producer PDC Energy and ACES Delta, a hydrogen storage firm.The earnings miss came after the company warned that maintenance in its oil and gas production and refining businesses would hurt results.Profit from pumping oil and gas fell about 38% to $5.76 billion in the quarter from $9.3 billion a year ago. But volume rose to 3.1 million barrels of oil and gas per day (boed) on its acquisition of PDC Energy. It pumped 3.0 million boed a year ago.Oil prices recently rebounded from a mid-year slump as tighter supplies drove up crude prices.GET FOX BUSINESS ON THE GO BY CLICKING HEREIts refining business posted an operating profit of $1.68 billion, down from $2.53 billion a year ago. Gains by its U.S. refining business were offset by weakness overseas, where margins and inputs fell. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Chevron's profit slumps, shares fall By: FOX Business October 27, 2023 at 10:09 AM EDT Chevron's third-quarter earnings missed Wall Street estimates by a wide margin, sending its share price down despite its recent megadeal with Hess. Chevron posted third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down. 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.WARREN BUFFETT'S BERKSHIRE HATHAWAY UPS STAKE IN OCCIDENTAL PETROLEUM, AGAINThe company earned $6.5 billion, or $3.48 per share, compared to $11.2 billion or $5.78 per share in the same period last year.CHEVRON TO ACQUIRE HESS IN $53 BILLION DEALAdjusted profit was $3.05 a share, compared to analysts' expected $3.75 per share, according to LSEG data.Shares fell a fraction to $153.65 in pre-market trading.A LOOK AT PAST OIL SHOCKS, ISRAEL'S WAR AND IRAN AS WILD CARDResults come after Chevron agreed to buy U.S. Hess Corp for $53 billion to expand its shale and deepwater oil production. The Hess deal was the latest in a series of purchases.Chevron has spent heavily in recent months to expand its reserves of oil and gas and to build its lower-carbon business. In addition to Hess, it acquired shale oil and gas producer PDC Energy and ACES Delta, a hydrogen storage firm.The earnings miss came after the company warned that maintenance in its oil and gas production and refining businesses would hurt results.Profit from pumping oil and gas fell about 38% to $5.76 billion in the quarter from $9.3 billion a year ago. But volume rose to 3.1 million barrels of oil and gas per day (boed) on its acquisition of PDC Energy. It pumped 3.0 million boed a year ago.Oil prices recently rebounded from a mid-year slump as tighter supplies drove up crude prices.GET FOX BUSINESS ON THE GO BY CLICKING HEREIts refining business posted an operating profit of $1.68 billion, down from $2.53 billion a year ago. Gains by its U.S. refining business were offset by weakness overseas, where margins and inputs fell.