Chevron Posts Its Second-Highest Quarterly Profits
U.S. oil major, Chevron has joined the oil and gas industry’s robust earnings crowd for the quarter by easily beating analyst profit estimates.
Chevron’s net profit for the quarter soared to $11.2 billion, or $5.78 per share, nearly double the net profit recorded in Q3 2021 and easily beating analyst estimates that saw it at $4.86.
Cash flow from operations increased to $15.3 billion for the quarter, and oil and gas production in the Permian for the quarter hit a quarterly record at 700,000 Barrels of oil equivalent per day (BOEPD]. This is an increase of 12% from Q3 2021 and an increase of 8,000 boepd from the previous quarter.
Still, Chevron’s global production for the first nine months of the year fell to 2.993 million boepd, from 3.093 million boepd in the first nine months of 2021.
Operating profit for its oil and gas business saw a huge 81% increase, reaching $9.3 billion for the quarter. Its refining segment saw its operating profits almost double to $2.5 billion, with refined product sales increasing 5% from a year ago, reaching 1.25 million bpd.
The U.S. oil and gas majors have been under pressure from the Biden Administration to pass on some of their robust profits to end users to alleviate high prices at the pump.
Also Read: Global Power Tit-Bits
Eni’s Profits Soar On “Excellent” Gas Business
Italian energy giants, Eni, has posted result beating analyst expectations amid what the Italian energy group described as an “excellent performance” of its Global Gas & LNG Portfolio.
Its adjusted net profit for the Q3 came in at $3.7 billion (3.73 billion euros), more than double compared to the same period in 2021. The Global Gas & LNG Portfolio (GGP) “registered an excellent performance in the third quarter of 2022, after breaking even in the second quarter. While gas prices were high, the market continued to be very challenging in terms of physical flows and volatility,” Eni said in a statement.
Earnings before interest and tax (EBIT) of $1.07 billion (1.08 billion euros), “thanks to a relentless asset optimization and contract renegotiations, leveraging the diversity and flexibility of our overall gas and LNG portfolio,” Eni added.
“In Q3 of 2022, despite a decline in crude oil prices and a rapid fall in refining margins, we have continued to deliver positive results, mainly thanks to the robust performance of our international businesses,” chief executive Claudio Descalzi said.
This winter, Eni plans to replace at least 50% of Russian gas flows, through its broad and diversified reserve base, long-standing relationships with producing countries, and growing presence in LNG, Descalzi noted.
Also Read: Power Tit-Bits Africa
Other EU Majors Record Strong Results
Eni’s strong results follow similarly strong earnings from the other European majors.
Norway’s Equinor raised its extraordinary dividend after reporting on Friday record earnings for the third quarter due to surging natural gas prices in Europe. Shell will lift its dividend and is launching a new share buyback program after reporting its second-highest quarterly earnings for Q3, second only to the record profit for the previous quarter.
TotalEnergies posted a record profit for the third quarter, driven by high energy prices and soaring prices of LNG as Europe scrambles to procure gas ahead of the winter.
Yet another very profitable and record-breaking quarter for Big Oil is intensifying calls for windfall taxes on energy firms and renewed criticism from U.S. President Joe Biden, who last Thursday called on oil companies – again – to lower the prices at the pump
Be the first to know when we publish an update
