Seeking Alpha

Chevron slips as Q3 weighed by reduced refining margins

  • Chevron (CVX) -0.6% premarket after reporting Q3 earnings declined nearly 6% Y/Y and fell short of expectations, due to the impact of lower refining margins.
  • Profit from downstream operations fell 45% to $380M due to lower margins on refined product sales and higher operating expenses; E&P earnings slipped 0.9% to $5.09B.
  • CVX produced 2.59M boe/day in the quarter, up from 2.52M boe/day a year earlier, but the company had been targeting 2.65M for the year with output expected to grow 25% by 2017.
Comments (2)
  • Spinoff?
    1 Nov 2013, 09:56 AM Reply Like
  • CVX should do the COP deal !
    Get lean via a spinoff and sell some of their geo-political trouble areas.

     

    Great company. Good opportunity to start or add to positions.
    1 Nov 2013, 10:12 AM Reply Like
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