Chevron Corp. (NYSE: CVX) reported third-quarter earnings that beat expectations, aided by higher oil production following its acquisition of Hess Corp. earlier this year. Shares climbed about 3% in intra-day trading on Friday.
Adjusted earnings per share were $1.85, ahead of Bloomberg’s consensus estimate of $1.66. Global output reached 4.09 million barrels of oil equivalent per day, exceeding forecasts of 3.87 million.
Chevron earlier this year completed its $55 billion purchase of Hess after overcoming a legal challenge. The deal, one of the largest in the energy sector in decades, secured Chevron’s stake in Guyana’s prolific Stabroek Block—an oil field estimated to hold more than 11 billion barrels of recoverable crude.
CEO Mike Wirth has said the acquisition is central to Chevron’s long-term growth strategy, providing a major new source of low-cost production that will support dividends and help shield earnings from oil price volatility.
