Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Chevron Corp.’s stock CVX, -0.72% fell 1.4% premarket Friday, after the oil giant posted third-quarter profit that fell far short of estimates. The company said it had net income of $6.526 billion, or $3.48 a share, in the third quarter, down from $11.231 billion, or $5.81 a share, in the year-earlier period. Adjusted per-share earnings came to $3.05, well below the $3.70 FactSet consensus. Revenue fell to $51.9 billion from $63.5 billion a year ago, but was ahead of the $51.
The decline in earnings was due to lower upstream realizations and lower margins on refined product sales, the company said in a statement. Revenue was weighted down by lower commodity prices. Worldwide net oil-equivalent production rose 4%, mostly due to the acquisition of PDC Energy Inc. The $6.3 billion acquisition closed in August and is expected to enhance the company’s position in the DJ and Permian Basins. On Monday, Chevron unveiled a deal to acquire Hess Corp.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
T-Mobile tops profit expectations for Q3 but revenue falls shortCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Read more »
Penske Automotive’s stock slides premarket after profit miss amid ‘challenging’ used car marketCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Read more »
Norfolk Southern Q3 profit down sharply after Eastern Ohio derailment chargeCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Read more »
Thermo Fisher’s stock on track for lowest close in more than three years after revenue miss and lowered guidanceCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Read more »
Honeywell profit tops estimates as sales fall slightly shortCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Read more »