San Ramon’s Chevron quarterly profits soar to 8-year high amid oil & natgas rally

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San Ramon’s Chevron quarterly profits soar to 8-year high amid oil & natgas rally

On Friday, Chevron Corp., the San Ramon, California-headquartered second-largest oil company in the United States, had reported an eight-year high Q3, 2021 profit amid a latest leg of upsurge in oil alongside natgas prices, while a substantial scale of pick-up in the outputs coupled with a recoup in motor fuel demands had boosted the American multinational oil Supermajor’s refining margins.

Nonetheless, latest upbeat third quarterly earnings’ report from Chevron Corp came forth just a day after a raft of US lawmakers had slapped executives of major oil companies over their contributions to a cataclysmic climate change, impacts of which are being felt all over the globe, while executives of Chevron among others had reportedly funded activist groups that oppose a swing from fossil fuel.

Nevertheless, Chevron Corp’s jubilant earnings’ report was mostly driven by an increase in outputs following deeper production cuts last year amid a pandemic-led downturn in global economic activities.

Chevron Corp posts robust third-quarter profit

According to Chevron Corp’s quarterly earnings’ report for Q3, 2021 that ended on September 30, the oil industry mogul had reported a net income of $6.11 billion compared to a loss of $207 million registered at the same time a year earlier, as US oil sales were doubled and natgas sales were tripled over July to September quarter on a year-on-year basis, while Chevron had posted an operational profit of $3.19 billion over third quarter of its fiscal 2021.

Meanwhile, expressing a through and through optimism over Chevron Corp’s Q3, 2021 earnings, the company CFO (Chief Financial Officer) Pierre Breber said in a conference call with the analysts, “We generated company-record free cash flow, higher than the strongest quarters in 2008 and 2011 when oil prices were well over $100 a barrel.

We’re executing a straightforward strategy that’s expected to deliver value now and well into the future”. Following Chevron’s release of third-quarterly earnings’ report, the oil giant’s shares’ prices which had soared more than a third this year thus far, gained as much as 1.2 per cent to $114.49 on Friday’s Wall Street closing bell.