Chevron's third-quarter profit slumps, shares fall 5% on earnings miss

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photoposted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down in pre-market trading.

The company earned $6.5 billion, down from $11.2 billion in the same period last year. Adjusted profit was $3.05 a share, compared to analysts' expected $3.75 per share, according to LSEG data. Capital expenditures during the quarter rose more than 50% to $4.7 billion, in part on the acquisition of ACES Delta. Total cost for the Tengizchevroil expansion project is expected to rise by $1 billion.

Overall, volumes rose 4% to 3.15 million barrels of oil and gas per day on the PDC Energy deal, which increased the production of less-lucrative natural gas by 25%. Chevron pumped 3.03 million boed a year ago.

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