Chevron Corporation (NYSE: CVX) reported a sharp increase in net profit for the third quarter of 2022 when the energy giant’s revenues jumped around 50%. Both earnings and the top line exceeded the consensus estimates.
Total revenues and other income rose sharply to $66.6 billion in the September quarter and came in above analysts’ forecast. Revenues benefited from strong growth in crude oil prices.
Reflecting the positive top-line performance, third-quarter adjusted profit moved up to $5.56 per share from $2.96 per share in the same period of 2021. Unadjusted profit rose to $11.23 billion or $5.78 per share from $6.11 billion or $3.19 per share last year. Earnings also beat the estimates.
Check this space to read management/analysts’ comments on Chevron’s Q3 results
“We delivered another quarter of strong financial performance with return on capital employed of 25 percent. At the same time, we’re increasing investments and growing energy supplies, with our Permian production reaching another quarterly record,” said Chevron’s CEO Mike Wirth.