Chevron Q3 Adj. Profit Falls - Quick Facts

(RTTNews) - Chevron Corp. (CVX) reported third quarter adjusted earnings of $201 million or $0.11 per share compared to adjusted earnings of $2.9 billion or $1.55 per share, a year ago. On average, 20 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.27, for the quarter. Analysts' estimates typically exclude special items.

Third quarter total revenues and other income declined year-on-year to $24.45 billion from $36.12 billion. Sales and other operating revenues were $24 billion, compared to $34.78 billion. Analysts expected revenue of $25.91 billion, for the quarter.

"Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19," said Michael Wirth, Chevron's CEO.

Worldwide net oil-equivalent production was 2.83 million barrels per day in third quarter 2020, a decrease of 7 percent from a year ago.