Chevron beats by $0.71, beats on revs
- Reports Q3 (Sep) earnings of $5.56 per share, excluding non-recurring items, $0.71 better than the S&P Capital IQ Consensus of $4.85; revenues rose 49.1% year/year to $66.64 bln vs the $61.44 bln S&P Capital IQ Consensus.
- The company's third quarter Permian Basin unconventional production totaled over 700,000 barrels of oil equivalent per day, up over 12 percent from last year's quarter.
- U.S. upstream operations earned $3.40 billion in third quarter 2022, compared with $1.96 billion a year earlier. The improvement was primarily due to higher realizations and higher volumes, partially offset by the absence of third quarter 2021 asset sale gains.
- U.S. downstream operations reported earnings of $1.29 billion in third quarter 2022, compared with earnings of $1.08 billion a year earlier. The increase was mainly due to higher margins on refined product sales, partially offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company and higher operating expenses that were largely associated with planned turnarounds.