Chevron 3Q Earnings Double on Higher Prices and Surging Production; Shares Undervalued
Chevron’s third-quarter earnings doubled to $4.0 billion from $2.0 billion last year as its oil-leveraged portfolio benefited from a rise in prices while production surged nearly 9% thanks to new project growth and continued outperformance in the Permian.Upstream earnings increased to $3.4 billion from $489 million last year despite $930 million in impairment charges on higher prices and volumes. Production increased to 2,956 mboed from 2,717 mboed last year as the Wheatstone and Gorgon project...
Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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