Chevron Posts First Profit Since ’15 as Oil Inches Higher
- Production of crude and natural gas misses analysts’ estimates
- Company’s U.S. wells lost $212 million during the quarter
Exxon, Chevron on Opposite Ends of Oil Recovery
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Chevron Corp. posted its first profit in a year as a recovery in energy prices halted a string of writedowns that have depressed the oil explorer’s results since late 2015.
The company’s third-quarter per-share profit of 68 cents exceeded the expectations of all 21 analysts in a Bloomberg survey. Even as Chevron’s U.S. wells lost money, earnings from the company’s overseas oil and natural gas production edged higher. Chevron extended its 29-year streak of annual dividend increases earlier this week, a move some observers took as an optimistic signal for a profit recovery.