Lipow Oil Associates president Andy Lipow provides insight on the energy sector on ‘The Claman Countdown.’
Chevron posted third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down.
Oil company earnings have slumped from record year-ago levels as crude prices eased and higher costs crimped refining and chemical profits. Results remain strong by historical standards but are well off year-ago levels.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 144.42 | -10.31 | -6.66% |
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The company earned $6.5 billion, or $3.48 per share, compared to $11.2 billion or $5.78 per share in the same period last year.
Lipow Oil Associates president Andy Lipow provides insight on the energy sector on ‘The Claman Countdown.’
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Adjusted profit was $3.05 a share, compared to analysts’ expected $3.75 per share, according to LSEG data.
Chevron
Shares fell a fraction to $153.65 in pre-market trading.
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Results come after Chevron agreed to buy U.S. Hess Corp for $53 billion to expand its shale and deepwater oil production. The Hess deal was the latest in a series of purchases.
Chevron CEO Mike Wirth discusses the United States’ energy policies and OPEC’s decision to cut oil production on ‘Special Report.’
Chevron has spent heavily in recent months to expand its reserves of oil and gas and to build its lower-carbon business. In addition to Hess, it acquired shale oil and gas producer PDC Energy and ACES Delta, a hydrogen storage firm.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HES | HESS CORP. | 143.30 | -10.03 | -6.54% |
| XOM | EXXON MOBIL CORP. | 105.55 | -2.05 | -1.91% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 62.23 | -1.04 | -1.64% |
| MPC | MARATHON PETROLEUM CORP. | 146.04 | -2.04 | -1.38% |
The earnings miss came after the company warned that maintenance in its oil and gas production and refining businesses would hurt results.
Profit from pumping oil and gas fell about 38% to $5.76 billion in the quarter from $9.3 billion a year ago. But volume rose to 3.1 million barrels of oil and gas per day (boed) on its acquisition of PDC Energy. It pumped 3.0 million boed a year ago.
Oil prices recently rebounded from a mid-year slump as tighter supplies drove up crude prices.
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Its refining business posted an operating profit of $1.68 billion, down from $2.53 billion a year ago. Gains by its U.S. refining business were offset by weakness overseas, where margins and inputs fell.
