Chevron beats third quarter earnings
The company reported net income of $5.59bn beating consensus estimate by $590mn
Chevron reported $5.59bn income - beating estimate and marking a year-on-year (YoY) increase.
The American multinational oil corporation marked 15.8% YoY rise beating consensus estimate by $590mn.
Figures for Chevron's adjusted earnings stood at $2.95 indicating 17.1% YoY growth and beating consensus estimate by 17.5%.
Adjusted earnings are income figures excluding one-off occurrences in the year which distort the company's overall performance.
The strong third-quarter earnings were due to progress in projects and improved downstream involvement, the company has said. Earnings from the downstream segment were achieved as a result of lower feedstock costs and better refinery reliability.
Despite the growth in earnings, however, Chevron reported a YoY decline in quarterly revenue.Total revenue ine nine months came down to $54.7bn - 6.5% YoY drop - and missed estimate by 6%.
Third-quarter production for Chevron was also lower compared to the previous quarter. This was mainly due to the seasoned oil and gas fields, selling off assets of the company as a part of its three-year assets selling program, and higher operating expenses.
Revenue is the total amount of money a company receives from sale of goods and services, while earnings or net income is the sum a company has got left after covering its costs. The periodical growth of a company is normally measured by its earnings, rather than revenue.
to the low oil price in the market.