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November 1, 2021

Chevron Q3 profits rebounds to $6.1bn

During the quarter, repurchased stocks worth $625m and cut debt by $5.6bn.

By Archana Rani

Chevron has reported a net profit of $6.1bn for the third quarter of 2021 against a loss of $207m a year ago, driven by a rebound in oil and gas prices.

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The firm’s refining margins were also boosted due to a recovery in motor fuel demand.

In Q3, the firm generated total sales and other operating revenues of $44.7bn, up from $24.45bn a year earlier.

Adjusted earnings stood at $5.7bn for the quarter that ended 30 September 2021, up from $340m in the same year-ago quarter.

Chevron chairman and CEO Mike Wirth said: “Third-quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure.

“Our free cash flow during the quarter was the best ever reported by the company.

“We paid dividends of $2.6bn, reduced debt by $5.6bn, and repurchased $625m of shares during the quarter.”

The company’s worldwide net oil-equivalent production for the quarter was 3.03 million barrels per day.

Earnings from the company’s upstream and downstream operations surged to $5.1bn and $1.3bn respectively.

Chevron also reported net oil-equivalent production of 1.13 million barrels per day in the third quarter of 2021, which represents an increase of 145,000 barrels per day from the year-ago period.

In a press statement, the firm said: “The increase was due to an additional 224,000 barrels per day of production following the Noble Energy acquisition, partially offset by a 69,000 barrels per day decrease related to the Appalachian asset sale.”

The company’s total debt stood at $37.34bn by the end of third quarter of 2021.

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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