Chevron Q3 Earnings: Production Boost By PDC Energy & Permian Basin, Targets $2-$3 Billion In Structural Savings By 2026

Oil giant Chevron Corp (NYSE:CVX) shares are trading higher after the company reported third-quarter results.

Revenues and other income of $50.669 billion beat the consensus of $48.986 billion. 

Worldwide net oil-equivalent production rose 7% year over year to 3,364 MBOED, led by the acquisition of PDC Energy and strong production in the Permian Basin.

Adjusted net earnings were $4.53 billion, with adjusted EPS being $2.51 (down from $3.05 a year ago) in the quarter, surpassing the consensus of $2.43.

Third-quarter earnings fell due to reduced margins on refined product sales, the lack of favorable tax items from the previous year, and lower realizations.

U.S. Upstream reported earnings of $1.946 billion versus $2.074 billion a year ago. The decrease in earnings was due to lower realizations and higher depreciation, depletion, and amortization.

International upstream earnings fell to $2.643 billion from $3.681 billion a year ago due to the lack of ...