Chevron beats Q3 expectations

Energy giant Chevron beat Q3 earnings and revenue expectations on Friday as it returned a record amount of cash to shareholders.

Chevron posted quarterly revenues of $50.67bn and adjusted earnings per share of $2.51 each, ahead of expectations of $48.99bn and $2.43 per share, respectively. Net income was $4.49bn, down 31% year-on-year.

The Californian firm said it had paid $7.7bn to shareholders during Q3, including $4.7bn in share buybacks and $2.9bn in dividends.

Chevron also said it had produced 3.36m barrels of oil equivalent per day in Q3, up 7% year-on-year as a result of record output from the Permian Basin.

As of 1530 GMT, Chevron shares were up 3.21% at $153.62 each.

Reporting by Iain Gilbert at Sharecast.com