Chevron Tops Q3 Earnings Forecast as Its U.S. Oil Output Jumps to Record

Chevron Corporation (NYSE: CVX) booked consensus-beating earnings for the third quarter, driven by a record quarterly U.S. production and Permian oil and gas output. Chevron reported on Friday adjusted earnings of $4.5 billion for Q3, down from $5.7 billion from a year earlier, due to lower margins on refined product sales, lower realizations amid lower oil and gas prices, and the absence of prior-year favorable tax items. The adjusted earnings per share came in at $2.51 for the third quarter of 2024, down from $3.05 for the same period last year,…