Economy

Chevron profits soar on higher oil prices

Hurricane Harvey cost the company 160 million dollars when it disabled two major downstream facilities.

Third-quarter sales and other operating revenues were $34 billion, compared to $29 billion in the year-ago period. The impact of Hurricane Harvey reduced earnings by 4 cents a share.

On the same day, Chevron reported third-quarter net income of $1.95 billion, or $1.03 per share, compared with $1.28 billion in the three months to the end of September a year ago. Excluding one-time items, Conoco earned 16 cents a share.

By that measure, analysts expected 86 cents per share, according to Thomson Reuters I/B/E/S.

Chevron reported a 54 percent increase in third-quarter profits on Friday amid higher oil prices. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.

Chevron Corp. shares fell about 3.5 percent in early trading.

Despite the miss, Chevron said its results were moving in the right direction, with spending on large projects being scaled back. Upstream earnings improved to $489 million from $454 million. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million.

The company reported a net profit of C$371mn ($287.80mn), or 44 Canadian cents per share, in the third quarter ended September 30, from C$1bn, or C$1.18 per share, a year earlier.



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