Chevron Shares Slump as Investors React to Q3 Profit Slump
Chevron reported lower than expected third-quarter profits, with earnings of $6.5 billion or $3.48 per share, compared with $11.2 billion, or $5.78 per share, in the same period last year. Although oil prices remained high, higher costs for maintenance and operations hurt profits from oil and gas production as well as refining. Oil and gas production profit was $5.76 billion, down 38% from $9.3 billion last year. However, production volumes rose due to acquisitions. Shares fell in premarket trading.
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00:00 It's Benzinga and here's what's on the block.
00:02 Chevron reported lower than expected third quarter profits with earnings of $6.5 billion
00:06 or $3.48 per share compared with $11.2 billion or $5.78 per share in the same period last
00:12 year.
00:13 Although oil prices remained high, higher costs for maintenance and operations hurt
00:16 profits from oil and gas production as well as refining.
00:19 Oil and gas production profit was $5.7 billion, down 38% from $9.3 billion last year.
00:25 However, production volumes rose due to acquisitions and shares fell in pre-market trading.
00:29 For all things money, visit Benzinga.com.
00:31 (door closing)