U.S. oil major Chevron (CVX) has reported a third-quarter net profit of $11.2 billion U.S., its
second-highest quarterly profit ever, as prices for crude oil and natural gas remain elevated.
Chevron is the latest in a string of energy companies that are posting huge profits as oil and gas
prices remain near record levels and supplies tighten around the world.
Chevron’s Q3 net profit of $11.2 billion U.S. equaled $5.78 U.S. per share, nearly double the
$6.1 billion U.S. it achieved in the same quarter of 2021, and ahead of Wall Street estimates for
$4.86 U.S. a share in earnings.
The San Ramon, California-based company’s cash flow soared to a record $15.3 billion U.S. in
the third quarter.
Output from the company’s Permian Basin in Texas topped 700,000 barrels of oil equivalent per
day, up 12% from a year ago and above the second quarter’s 692,000 barrels.
Chevron said that its oil and gas business posted an operating profit that surged 81% to $9.3
billion U.S., while its oil refining business nearly doubled in Q3 to $2.5 billion U.S.
Chevron’s stock us up 50% this year at $177.90 U.S. per share.
