Chevron profit nearly triples on higher oil prices
Chevron reported third-quarter net income of $9.9 billion, or $5.06 a share, up from $3.5 billion, or $1.82 a share, a year earlier. Adjusted earnings reached $5.28 a share, above the $4.89 analysts expected, and revenue came in at $67.8 billion against an expected $61.6 billion. ExxonMobil's profit also doubled to $15.4 billion, or $3.72 a share. U.S. diesel averaged $6.32 a gallon on Friday, according to AAA, more than 70% above a year earlier. Both companies' shares touched all-time highs on Friday.
Key facts
- Chevron's downstream operations earned $4.93 billion, more than four times the year-earlier figure of $1.14 billion.
- U.S. refining profits rose to $3.59 billion from $638 million, according to Chevron.
- U.S. refineries ran at 98% capacity, processing a record 1.09 million barrels per day, Chevron said.
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Why it matters
Higher fuel prices are lifting oil company earnings while raising costs for drivers and businesses.
What changed
First published from CNBC and OilPrice.com