Chevron Stock Rises As Q3 Profit Beats Estimates

(RTTNews) - Chevron Corp. (CVX) said the company delivered another quarter of strong financial performance with return on capital employed of 25 percent. The company's Permian production was another quarterly record.

Third quarter adjusted earnings was $10.8 billion or $5.56 per share compared to $5.7 billion or $2.96 per share, prior year. Analysts on average had expected the company to earn $4.81 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company reported earnings of $11.2 billion or $5.78 per share, compared with $6.1 billion or $3.19 per share, a year ago.

Sales and other operating revenues were $64 billion, compared to $43 billion, last year. Analysts on average had estimated $58.22 billion in revenue.

Upstream worldwide net oil-equivalent production was 3.03 million barrels per day. International production decreased 3 percent primarily due to the end of concessions in Thailand and Indonesia, while U.S. production increased 4 percent compared to the same period a year ago.

Shares of Chevron are up 2% in pre-market trade on Friday.

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