Chevron exceeds earnings expectations, plans to sell assets and cut costs

From CNBC: 2024-11-01 07:22:14

Chevron surpassed Q3 earnings and revenue predictions, distributing a record amount of cash to shareholders. Despite a decline in profits due to various factors, the company plans to sell assets and cut costs. Earnings per share were $2.51, revenue reached $50.67 billion, with $7.7 billion returned to shareholders. Production increased by 7% to 3.36 million barrels per day. The stock has shown minimal growth due to uncertainties surrounding the Hess acquisition. The Federal Trade Commission approved the deal but banned John Hess from Chevron’s board. A dispute with Exxon Mobil over oil assets in Guyana could impact the acquisition’s completion.



Read more at CNBC:: Chevron (CVX) earnings Q3 2024