Chevron accelerates cash haul

CHEVRON Corp blew past analysts’ estimates with the second-highest earnings in its history, accelerating a prolific profit haul for the world’s biggest oil explorers.

Third-quarter earnings of US$5.56 (RM26.30) per share surpassed the median US$4.94 (RM24) forecast among analysts in the Bloomberg consensus.

Net income was Us$11.2bil (Rm53bil), down slightly from the all-time high of more than Us$12bil (Rm57bil) in the prior three months, according to a company statement yesterday.

Soaring international natural gas prices stemming from Russia’s invasion of Ukraine was a key driver of Chevron’s performance.

The company also said in the statement that it had benefited from strong oil-production growth in the Permian Basin and higher jet-fuel demand.

Profits of such magnitude have drawn sharp criticism from US President Joe Biden and other high-profile Democrats who have urged the oil industry to invest more on energy production rather than dividends and share buybacks. — Bloomberg