Chevron beats estimates on record Q3 production, despite weak crude price

(Sharecast News) - Chevron posted better-than-expected third-quarter results, driven by record production, offsetting weaker oil prices. On a constant currency basis and excluding costs associated with the acquisition of Hess, Chevron earned $1.85 per share, beating forecasts of $1.68 per share.

The oil giant pumped a record 4.1 million barrels a day, a 21% increase compared with the same period last year. Higher production came from the Hess acquisition, the Permian Basin, the Gulf of Mexico and Kazakhstan.

"Third quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders," said chief executive Mike Wirth.

"The integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company."

Reporting by Frank Prenesti for Sharecast.com