HOUSTON (Reuters) – Chevron’s third-quarter profit beat expectations on Friday, reassuring investors and offsetting a year-on-year decline as the group’s business was lifted by rising oil and gas volumes.
The American oil major, whose planned takeover of Hess for $53 billion (48.79 billion euros) was delayed due to protests from its competitors Exxon Mobil and CNOOC Ltd, recorded an adjusted profit of 4 .53 billion in the third quarter, compared to $5.72 billion a year ago.
Chevron reported earnings per share of $2.51 for the period, above analysts’ expectations of $2.42, according to LSEG data.
Oil companies have seen their profits fall this year due to falling crude oil prices and slowing growth in fuel demand.
In Europe, BP and TotalEnergies also posted weaker results this week, notably due to the sharp decline in refining margins year-on-year and the decline in oil prices and profits linked to oil trading. gas.
Exxon Mobil also saw its profit fall 5% from a year earlier on Friday.
Chevron shares gained 2.6% in pre-market trading.
(Reporting Mrinalika Roy in Bangalore, with the contribution of Gary McWilliams, Etienne Breban, edited by Augustin Turpin)
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