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ALAMEDA, CA-JANUARY 29: Chevron logo displayed at Chevron gas station January 29, 2010 in Alameda, California.Keep track of your local energy company's recent earnings.
ALAMEDA, CA-JANUARY 29: Chevron logo displayed at Chevron gas station January 29, 2010 in Alameda, California.Keep track of your local energy company's recent earnings.
Photos: Justin Sullivan, Getty Images
Keep track of your local energy company's recent earnings.
Keep track of your local energy company's recent earnings.
Photos: Justin Sullivan, Getty Images
Chevron Corp. posted net profit of $ 2.58 billion in the third quarter, up from $ 4.55 billion in the same quarter last year, missing Wall Street expectations.
San Ramon, based in California, reported earnings of $ 1.36 per diluted share. Analyst consensus expectations were $ 1.49 per share.
Chevron generated revenues of $ 44 billion to $ 37 billion in the same quarter last year.
Chevron chief executive Michael Wirth said, “The third quarter earnings and cash flow were solid, but fell from the very strong results a year ago. "The decline in oil and natural gas prices offset a 3 percent increase in net oil production compared to the third quarter of last year."
In the third quarter of 2019, 934,000 barrels of net oil equivalent production per day was 103,000 barrels more than a year ago.
Natural gas production increased 17 percent from the third quarter of last year.