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Chevron beats earnings expectations, returns more than $7 billion to shareholders

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Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%.

The oil major's quarterly profit, however, declined substantially compared to the year-ago period.The oil major's quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.

Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.

 

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