Chevron Profits Nearly Triple to $9.9 Billion
Chevron Profits Nearly Triple to $9.9 Billion Russia's expanding Arctic shipping route… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… Chevron's third-quarter profit nearly tripled to $9.9 billion, with its refineries doing much of the heavy lifting despite processing just 3% more crude than a year earlier.
The company reported earnings of $5.06 per share Friday, up from $1.82 a year ago.
Adjusted earnings reached $10.4 billion, or $5.28 per share, comfortably beating Wall Street's estimate of $4.89.
Chevron's downstream operations earned $4.93 billion, more than four times the $1.14 billion reported a year earlier.
refining profits were particularly impressive, jumping to $3.59 billion from just $638 million.
refineries ran at 98% capacity, processing a record 1.09 million barrels per day.
Fuel sales barely budged from last year at 1.3 million bpd, but U.S.
downstream profits jumped from $638 million to $3.59 billion.
Chevron didn't need to sell much more fuel to make nearly $3 billion more.
With roughly 10% of global fuel-making capacity sidelined by the Iran war and Ukrainian attacks on Russian refineries, Chevron is getting considerably more money for essentially the same amount of fuel.
Chevron also benefited from higher crude prices.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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