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Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

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Chevron produced 1.57 million barrels of oil equivalent daily in the U.S. for the quarter, an increase of 35% over the same period last year.

The company's refining business faced lower sales margins and international gas took a modest hit as natural gas came under pressure.

Chevron attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production.Oil prices have gained more than 15% this year and gasoline futures are up 31%, but the rally did little to lift profits given trouble elsewhere in the energy industry.

Chevron's refining business in the U.S. saw earnings plummet by more than half to $453 million. Profits in international refining took an even bigger hit, falling nearly 60% to $330 million.The TikTok law kicks off a new showdown between Beijing and Washington. What's coming next?

 

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