Chevron Refining Profit Jumps More Than 300% to $4.9 Billion

Chevron’s refining profit rose more than 300% to $4.9 billion in the third quarter, while the company also exceeded analyst estimates for adjusted earnings and revenue. Its U.S. refineries processed a record volume of crude as they operated at 98% capacity. Refining profit was up from $1.1 billion in the year-earlier quarter. Chevron posted adjusted earnings of $5.28 per share, above the $4.89 estimate. Revenue totaled $67.8 billion, compared with expectations of $61.6 billion. Net income increased nearly 200% to $9.9 billion, or $5.06 per share, from $3.5 billion, or $1.82 per share, a year earlier.

Source: TokenPost