News wire — Chevron posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down in pre-market trading.
Exxon Mobil Corp, on the other hand, posted a $9.1 billion third-quarter profit, an about 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered.
Its third quarter profit was $2.25 a share compared to $4.68 in the same quarter a year ago when oil and gas prices climbed following Russia’s invasion of Ukraine. The latest quarter’s results benefited from global oil prices that averaged $85.92 per barrel in the quarter, from $77.73 in the second quarter, according to LSEG data.
Oil companies earnings have slumped from record year-ago levels as crude prices eased and higher costs crimped refining and chemical profits. Results remain strong by historical standards but are well off year-ago levels.
Chevron earned $6.5 billion, down from $11.2 billion in the same period last year. Adjusted profit was $3.05 a share, compared to analysts’ expected $3.75 per share, according to LSEG data.
The earnings miss came after Chevron had warned in the second quarter that maintenance in its oil and gas production and refining businesses would hurt results. It also suffered a setback in a Kazakhstan project with a delay of about six months in expanding oil and gas production at its Tengizchevroil operation.
The company’s cash flow from operations fell to $9.7 billion from $15.3 billion a year ago.
Exxon Mobil and TotalEnergies also posted lower third-quarter results on weaker crude oil and refining profits with Exxon’s profit down 54% and TotalEnergies’ off 35%.
