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Chevron disappoints expectations
October 27, 2023, 2:14 p.m
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The US oil giant Chevron earned significantly less than expected in the third quarter of 2023. For the three-month period, Chevron reported net income of $6.53 billion, or $3.48 per share. In the previous year, net profit was $11.23 billion or $5.81 per share. Adjusted earnings per share were $3.05, significantly missing the analyst consensus of $3.70.
Sales fell from $63.5 billion to $51.9 billion. Analysts had expected an average of just $51.4 billion. Chevron said the earnings decline was due to lower upstream realizations and lower margins on sales of refined products. Group sales were impacted by lower raw material prices.