Chevron send the third quarter to archive with profits down sharply from the previous three months, well below analysts' estimates. The US oil group recorded a contraction in production, but the causes of the failure also include falling oil prices and the weak contribution of American refineries, especially those in California, which were hit by a fire.
Net profits stood at 5,25 billion dollars, against 7,83 in the same period last year. In terms of earnings per share, the value is $2,69, down from $3,92 in the third quarter of 2011. The result is less than the market stock which, according to an average calculated by FactSet, expected a figure equal to 2,83 $.XNUMX per title.
In oil and gas production alone, earnings fell 17% to $5,1 billion. As regards refinery activities, the contraction was 65% to 689 million dollars.
Revenues also declined to $58 billion from $64,4 billion. On a global scale, oil production fell to 2,5 million barrels a day, from 2,60 million.
In the fourth quarter, however, the group expects a figure higher than that achieved in the previous three months, thanks to the resumption of activities in the Gulf of Mexico, suspended due to hurricane Isaac.
