Chevron Corporation NYSE CVX booked consensus-beating earnings for the third quarter, driven by a record quarterly U.S. production and Permian oil and gas output. Chevron reported on Friday adjusted earnings of $4.5 billion for Q3, down from $5.7 billion from a year earlier, due to lower margins on refined product sales, lower realizations amid lower oil and gas prices, and the absence of prior-year favorable tax items. The adjusted earnings per share came in at $2.
net oil-equivalent production jumped by 198,000 barrels per day bpd from a year earlier and set a new quarterly record, thanks to record high production in the Permian Basin and the acquisition of PDC, partly offset by hurricane impacts in the U.S. Gulf of Mexico. In the Gulf of Mexico region, Chevron launched in August production at its $5.7-billion Anchor project, making history with the first-ever successful application of new high-pressure technology for ultra-deep reservoirs.