Categories AlphaGraphs, Earnings, Energy

It’s a mixed Q3 from Chevron

Low commodity prices weigh on the oil major; yet posts a surprise profit in Q3

Chevron Corporation (NYSE: CVX) reported third-quarter 2020 financial results before the regular trading hours on Friday. The Big Oil firm reported Q3 revenue of $24.4 billion, missing the average analysts’ estimate. Meanwhile, the company surprised the market with adjusted net earnings of $0.11 per share, even as the street was expecting a loss.

CVX shares were modestly trading in red immediately following the announcement. The stock has lost half of its value since the beginning of this year as part of the pandemic related sell-off.

chevron Q3 2020 earnings

Looking forward to listening to management/ analyst comments on Q3 results? Stay tuned here for Chevron Q3 2020 earnings call transcript

CEO Michael Wirth said, “We remain focused on what we can control – safe operations, capital discipline and cost management. Our actions are guided by our long-standing financial priorities: to protect the dividend, invest for long term value and maintain a strong balance sheet.”

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