- 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.
Chevron slips as Q3 weighed by reduced refining margins
Nov 1 2013, 09:11 ET