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The California oil titan posted adjusted per-share earnings of 11 cents for the third quarter, outperforming the average 27-cent loss expected by analysts in a Bloomberg survey. Production from the company\u2019s crude and natural gas wells tumbled to the lowest in more than two years, partly because of intentional decisions to curtail operations that couldn\u2019t turn profits as prices cratered.<\/p>\n
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Things are bad for the industry, Chief Executive Officer Mike Wirth said in a statement, and he provided no prediction for when the outlook may brighten. Severance costs alone are expected to drain half a billion dollars from the company\u2019s coffers during the current quarter.<\/p>\n
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\u201cThe world\u2019s economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity,\u201d Wirth said.<\/p>\n
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Chevron shares rose 0.6% to $69.20 at 6:49 a.m. New York time in pre-market trading.<\/p>\n
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Chevron is in the process of cutting about 6,000 jobs and scaling back capital spending even as it works to fold Noble Energy Inc.\u2019s assets and staff into the company after the $4.2 billion takeover earlier this month.<\/p>\n
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Earnings at Chevron\u2019s upstream division fell 91% to $235 million from a year earlier. Profit from the so-called downstream unit, which includes oil refining, declined by 65%.<\/p>\n
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\u201cWe remain focused on what we can control \u2013 safe operations, capital discipline and cost management,\u201d Wirth said in the statement.<\/p>\n
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