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U.S. oil major Chevron boasts highest earnings since 2013

The company reported its highest third-quarter earnings since the 1st quarter of 2013 due to improved market conditions, strong operational performance, and a lower cost structure

U.S. oil major Chevron boasts highest earnings since 2013

San Ramon, November 1 - Neftegaz.RU. Chevron saw a significant improvement in its quarterly performance as the company reported earnings of $6.1 billion for the 3rd quarter of 2021, compared with a loss of $207 million in the 3rd quarter of 2020.

The firm’s asset sale gains of $200 million and pension settlement costs of $81 million were included in the current quarter, while foreign currency effects increased earnings by $305 million.

Chevron listed adjusted earnings of $5.7 billion in the 3rd quarter of 2021 compared to adjusted earnings of $340 million in the 3rd quarter last year.
Sales and other operating revenues in the 3rd quarter of 2021 were $43 billion, compared to $24 billion in the year-ago period.

Mike Wirth, Chevron’s CEO, commented:
  • 3rd-quarter earnings were the highest since 1st quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure
  • Our free cash flow during the quarter was the best ever reported by the company
  • We paid dividends of $2.6 billion, reduced debt by $5.6 billion, and repurchased $625 million of shares during the quarter
Chevron continued to exercise capital discipline and actively manage its portfolio to advance its higher return and lower carbon objectives, while year-to-date capital spending was down 22% from a year ago.

The company’s cash flow from operations in the 1st 9 months of 2021 was $19.7 billion, compared with $8.3 billion in 2020.

Capital and exploratory expenditures in the 1st 9 months of 2021 were $8.1 billion, compared with $10.3 billion in 2020 with expenditures for upstream representing 84 per cent of the company-wide total in 2021.

Author: Melisa Cavcic

Source : Neftegaz.RU


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