Chevron reported a 36% decline in third-quarter earnings as lower oil and natural gas prices offset an increase in production. Chevron earned $2.6 billion in the third quarter, down from $4 billion a year earlier. Both EPS and revenue missed the Street’s expectations.
The stock was about 1% lower in early trading.
Chevron said that the average sale price per barrel of crude oil and natural gas liquids was $47 in the third quarter, which is 24% lower than the $62 average price per barrel a year earlier. The average price of natural gas fell 47% to 95 cents
Here’s how the energy giant’s results fared relative to Wall Street expectations:
- Earnings: $1.36 cents per share vs. $1.45 expected by…