Chevron’s Second-Highest Profit on Record Accelerates Big Oil’s Cash Haul
- Permian oil-supply growth, jet-fuel demand boost performance
- No extra share buyback after Chevron raised earlier in year
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Chevron Corp. blew past analysts’ estimates with the second-highest earnings in its history, accelerating a prolific profit haul for the world’s biggest oil explorers.
Third-quarter earnings of $5.56 per share surpassed the median $4.94 forecast among analysts in the Bloomberg Consensus. Net income was $11.2 billion, down slightly from the all-time high of more than $12 billion in the prior three months, according to a company statement on Friday.