Chevron posts $51 billion in revenue in third quarter, stock surges high

Chevron returned a record amount of cash to shareholders after exceeding third-quarter revenue and earnings projections. The energy firm’s third-quarter 2023 net income of $6.53 billion, or $3.48 per share, was 31% more than its current net income of $4.49 billion, or $2.48 per share.

The company posted earnings of $2.51 per share, exceeding Wall Street’s quarterly projections.

Chevron reported $50.67 billion in sales, 6% less than the $54.1 billion it recorded in the third quarter of last year but still exceeded street estimates.
The oil company distributed a record $7.7 billion to shareholders during the quarter, which included $2.9 billion in dividends and $4.7 billion in share buybacks. The company’s stock was up over 4% in early trading.

The American oil firm produced 3.36 million oil-equivalent barrels daily during the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.

However, the oil major’s quarterly earnings decreased dramatically from the same quarter in 2023 due to lower prices, reduced refined product sales margins, and the absence of favorable tax periods.

The Oil Major is trying to streamline its holdings as asset deals in Canada, the Congo, and Alaska are expected to finish in the fourth quarter of 2024. The company also intends to reduce expenses by $2–3 billion from 2024 to the end of 2026.

At $6.53 billion, or $3.48 per share, Chevron’s third-quarter 2023 net income was 31% more than its present net income of $4.49 billion, or $2.48 per share. After excluding foreign exchange effects, the company reported earnings of $2.51 per share, much higher than Wall Street’s quarterly forecasts.