Chevron (CVX.N) on Friday posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its shares down 6%.
A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoOil and gas volumes rose year-over-year on PDC Energy purchaseon Friday posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its shares down 6%.
The earnings miss came after Chevron had warned in the second quarter that maintenance in its oil and gas production and refining businesses would hurt results. Profit from pumping oil and gas fell about 38% to $5.76 billion in the quarter from $9.3 billion a year ago. Cash flow from operations fell to $9.7 billion from $15.3 billion a year ago.
Fourth-quarter results could suffer if a production halt at its Tamar gas field off the coast of Israel continues throughout the quarter. Operations there were stopped following the Oct. 7 Hamas attacks on the country.
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