CVX Trades At $114 As Chevron Reports A $44 Billion Revenue In Q3

Oil giant Chevron reported its third-quarter earnings earlier today, and the company’s stock price has been rallying since then.

Chevron’s Q Revenue Stands At $44 Billion

Chevron reported its third-quarter earnings earlier today, and the company outperformed analysts’ expectations. The surge in revenue comes on the back of crude oil prices increasingly astronomically in recent months.

The oil giant generated $44.71 billion in revenue in the third quarter, representing an 80% increase in sales from the same period last year. Chevron’s performance last year was affected by the Coronavirus pandemic and the decline in oil prices.

The $44.71 billion generated in Q3 also represented $2.96 per share, surpassing the $40.52 billion or $2.21 earnings per share expected by Wall Street analysts. Mike Wirth, Chevron’s chairman and CEO, pointed out that the Q3 sales were the company’s highest quarterly revenue since the first quarter of 2013. He attributed the growth to improved market conditions, strong operational performance and a lower cost structure.

The oil giant paid a total of $2.6 billion in dividends during the third quarter while also repurchasing $625 million worth of stock. The company also reduced its debt by $5.6 billion.

Oil Price Increase Boosted Chevron’s Performance

Crude oil prices have been increasing in recent months, leading the oil companies to record revenue levels they have experienced in more than five years. Chevron and the others are recovering from the pandemic, with most of them recording massive losses last year.

The shares of Chevron have been rallying since the company reported its Q3 earnings result earlier today. CVX is up by more than 1% today and is trading above the $114 level for the third time this month.

Year-to-date, CVX has performed excellently, similar to the other leading oil companies. CVX is up by more than 40% since the start of the year. In the past 52 weeks, the stock has also surged by 74%, making it one of the top performers in its category.