{"id":14055,"date":"2011-10-28T17:42:00","date_gmt":"2011-10-28T17:42:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/chevron-reports-higher-profit-on-higher-oil-prices-cvx\/14054\/"},"modified":"2011-10-28T17:42:00","modified_gmt":"2011-10-28T17:42:00","slug":"chevron-reports-higher-profit-on-higher-oil-prices-cvx","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/chevron-reports-higher-profit-on-higher-oil-prices-cvx\/14055\/","title":{"rendered":"Chevron Reports Higher Profit on Higher Oil Prices (CVX)"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><br \/>\n<!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><br \/>\n<!--\/mfunc--><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-5034\" title=\"Chevron\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2011\/01\/137.jpg\" alt=\"Chevron\" width=\"144\" height=\"143\">Oil and gas major Chevron Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=cvx\">NYSE: CVX<\/a>), today, reported that its third-quarter profit doubled on higher oil price even though production fell.<\/p>\n<p><span id=\"more-14055\"><\/span><\/p>\n<p>San Ramon, California-based Chevron reported third-quarter profit of $7.8 billion, or $3.92 per share, compared with $3.8 billion, or $1.87 per share reported for the same period in the previous year. The company\u2019s revenue for the third quarter came in at $64.4 billion, compared with $49.7 billion reported for the same period in the previous year.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Analysts were expecting the company to report a profit of $3.47 per share and revenue of $70.4 billion.<\/p>\n<p>Chevron\u2019s third-quarter results were boosted by higher oil prices. In the third quarter, crude oil prices jumped to $97 per barrel from $69 per barrel in the third quarter of 2010. The company also benefited from higher average sales price of natural gas. Average sales price of natural gas during the third quarter was $4.14 per thousand cubic feet.<\/p>\n<p>However, Chevron\u2019s global net oil-equivalent production fell in the third quarter of 2011. The company\u2019s production dropped from 2.74 million barrels per day in the third quarter of 2010 to 2.6 million barrels per day in the third quarter of 2011. Analysts were expecting the company to report production of 2.69 barrels per day.<\/p>\n<p>Chevron said that production increases from project ramp-ups in Canada, the U.S. and Brazil and new volumes stemming from the acquisition of Atlas Energy Inc. were more than offset by maintenance-related downtime and normal field declines.<\/p>\n<p>Chevron shares rose marginally in trading today, following the release of third-quarter financial results. The stock ended the day 0.61% higher at $109.64 after touching an intra-day high of $109.99.<\/p>\n<p>Chevron shares have outperformed the broad market this year, gaining 19.69%, compared with a gain of 2.16% for the <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil and gas major Chevron Corporation (NYSE: CVX), today, reported that its third-quarter profit doubled on higher oil price even [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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