The company earned $1.09 a share – 33 cents more than the average of 21 analysts’ estimates compiled by Bloomberg.
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It said it had cut capital spending to $7.7 billion in the third quarter, down 22 per cent compared with the previous year.
USA oil giant Chevron said Friday it was going to cut between 6,000 and 7,000 jobs and continue with asset sales as the company retrenches amid sharply lower oil prices.
Chevron Corp. said profit dropped for a fourth-straight quarter as the industry endures its worst oil- market slump since the 1980s.
Revenue fell 37 percent to $67.34 billion, beating the forecast of $61.71 billion among analysts surveyed by FactSet.
Downstream: Chevron’s downstream segment achieved earnings of $2,211 million, considerably higher than the profit of $1,387 million past year. On Friday, Chevron said it sees 2016 capital spending down 25% vs. 2015 as well as “further reductions in spending” in 2017 and 2018.
“That’s why, even with the slowdown in the latter part of the quarter, we still made US$1 billion”.
Currently, Chevron has a Zacks Rank #3 (Hold) but that could change following its third quarter 2015 earnings report which has just released.
Royal Dutch Shell (NYSE:RDSA) reported $7.9 billion in charges for Q3, including $2.6 billion from its operations in Alaska and $2 billion on its oil sands project in Alberta, Canada.
Exxon Mobil Corporation (NYSE:XOM) traded with a cut of -0.19 points or -0.23% at $81.04 per share.
Worldwide net production was 2.54 million boe/d, versus 2.57 million boe/d a year ago. Volumes for the quarter proved to be good, increasing 2% sequentially and 10% year-over-year (YoY); the increase was primarily driven by lower margin Canadian barrels.
The gas and power division wiped out most of that profit as it reported a quarterly loss of nearly €500 million, largely due to the difference between what Eni prepaid for natural gas in past years and the lower price during the most recent quarter.
According to data compiled by Bloomberg, the almost 45 percent drop in Brent crude during the past year represents the steepest 12-month decline since 1988, forcing Chevron to reduce spending and reduce the company’s workforce.
It also sold off $491 million in assets to improve its bottom line. The proceeds of which will be used for its exploration and production business and to shore up its balance sheet. Both the oil producers surpassed analysts’ expectations for revenue and earnings, but it remains a question whether which company performed better? That increases the price of dollar-denominated commodities like oil. At current levels, West Texas Intermediate prices are in the middle of the trading range of the past two months of $43 to $50 a barrel. So far this year, the stock has fallen 10 percent.
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The company is spending more than $20 billion on five new projects it hopes will boost production 20 percent by 2017.
