Chevron's Q3 net income was $5.1 billion, down from $6.2 billion in the same period last year.
Chevron's shares fell by 1.8% in premarket trading following the announcement of the earnings.
The company announced a quarterly dividend of $1.42 per share.
The company's revenue increased to $43.6 billion from $36.5 billion a year ago.
Chevron Corporation, one of the world's leading integrated energy companies, reported its third-quarter earnings for 2023. Despite higher oil prices, the company's profit slumped. The company's earnings fell short of Wall Street estimates, which led to a decline in its stock price.
The company's net income for the third quarter was $5.1 billion, down from $6.2 billion in the same period last year. This decline in profit is attributed to higher costs and lower margins in its refining business. The company's revenue, however, increased to $43.6 billion from $36.5 billion a year ago, driven by higher oil and gas prices.
Chevron's shares fell by 1.8% in premarket trading following the announcement of the earnings. The company's stock has been underperforming the market this year, with a year-to-date return of -1.5% compared to the S&P 500's return of 6.7%.
Despite the lower-than-expected earnings, Chevron continues to focus on capital discipline and delivering strong returns to shareholders. The company announced a quarterly dividend of $1.42 per share, which is payable on December 10, 2023, to all shareholders of record as of November 18, 2023.
The company’s upstream unit, which includes exploration and production, earned $3.6 billion, down from $3.9 billion a year ago.
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Chevron’s stock (ticker: CVX) was up 1.2% in premarket trading on Thursday.
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The company's total oil-equivalent production fell 3% to 2.83 million barrels per day.
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The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
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