Chevron earnings plunge 52% to $3.83 billion amid weak demand and lower prices (CVX)

Fri. October 30, 2009; Posted: 08:46 AM

Oct 30, 2009 (SmarTrend(R) News Watch via COMTEX) -- CVX | Quote | Chart | News | PowerRating -- 10/30/2009-Chevron (NYSE:CVX) reported Q3 EPS of $1.92, topping consensus estimates of $1.47. Revenues in the quarter fell 38% year-over-year to $46.62 billion, and came in short of consensus estimates of $47.84 billion. The company reported worldwide net oil-equivalent output of 2.7 million barrel per day, vs. 2.44 million.

"Our net oil-equivalent production this quarter was nearly 11 percent higher than the same quarter a year ago," said Chairman and CEO Dave O'Reilly. "This operational success helped mitigate a decline in earnings that was driven by sharply lower prices for crude oil and natural gas... In our downstream operations, we continued to experience weak margins on the sale of gasoline and other refined products. Weak demand and plentiful supply affected all our major markets," O'Reilly added. "Our refinery reliability remains high, and we continue to focus on the safe and efficient operation of our network."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Chevron Corp (CVX) click here. Chevron Corp (CVX) has Short Term PowerRatings of 5. Details on Chevron Corp (CVX) Short Term PowerRatings is available at This Link.

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