Chevron's Q3 Profit Plunges, Shares Tumble on Earnings Disappointment
Chevron's third-quarter profit of $6.5 billion, or $3.48 per share, fell short of Wall Street estimates, causing its share price to drop in premarket trading. The slump in earnings is attributed to lower crude prices and increased costs impacting refining and chemical profits. Despite the decline, Chevron's results remain strong compared to historical standards. The company recently made several acquisitions, including U.S. Hess for $53 billion, as part of its efforts to expand oil and gas production and develop its lower-carbon business. Chevron had warned of maintenance-related disruptions in its operations, which ultimately affected its earnings.