CVX Chevron Corporation

By Chris Wack

Chevron Corp. reported third-quarter earnings of $6.1 billion, or $3.19 a share, compared with a loss of $207 million, or 12 cents a share, in the same period last year. The company said the current quarter included asset sale gains of $200 million and pension settlement costs of $81 million. Foreign currency effects increased earnings by $305 million.

On oil production:

"Worldwide net oil-equivalent production was 3.03 million barrels per day in third quarter 2021, an increase of 7% from a year ago."

"The improvement was primarily due to higher crude oil realizations and sales volumes."

"The increase was due to an additional 224,000 barrels per day of production following the Noble Energy acquisition, partially offset by a 69,000 barrels per day decrease related to the Appalachian asset sale."

"The net liquids component of oil-equivalent production in third quarter 2021 increased 15% to 842,000 barrels per day, and net natural gas production increased 13% to 1.71 billion cubic feet per day, compared to last year's third quarter."

"Higher production of an additional 158,000 barrels per day following the Noble Energy acquisition and lower production curtailments, were partially offset by unfavorable entitlement effects, normal field declines, and operational impacts that were mainly due to the planned turnaround at Tengizchevroil."

"The net liquids component of oil-equivalent production decreased 6% to 915,000 barrels per day in third quarter 2021, while net natural gas production of 5.95 billion cubic feet per day increased 13%, compared to last year's third quarter."

On refined products:

"Refined product sales of 1.19 million barrels per day were up 18% from the year-ago period, mainly due to higher gasoline, jet fuel, and diesel demand as travel restrictions associated with the COVID-19 pandemic continue to ease."

"Refined product sales of 1.39 million barrels per day in third quarter 2021 increased 8% from the year-ago period, mainly due to higher demand for gasoline and jet fuel."

By Chris Wack

(END) Dow Jones Newswires

October 29, 2021 10:17 ET (14:17 GMT)

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