Nov 1 (Reuters) - Chevron Corp ( CVX ) on Friday beat

Wall Street estimates for third-quarter profit, helped by higher

oil and gas output, but overall earnings fell compared to the

year-ago level.

The company, whose proposed $53 billion takeover of Hess

has been delayed due to a challenge by rivals Exxon

Mobil ( XOM ) and CNOOC Ltd, reported a profit of

$4.53 billion, compared to $5.72 billion a year ago.

Oil industry profits have sagged this year from softer

oil prices and weaker fuel demand growth. Oil futures in the

quarter ended Sept. 30 averaged 17% below the prior quarter, and

global fuel margins have suffered from slowing demand growth and

excess supplies.

European oil majors BP and TotalEnergies

this week also posted weaker results on sharp

year-over-year declines on refining margins, lower oil prices

and gas-trading profits. Exxon Mobil ( XOM ) also posted better than

expected profit but total profit fell 5% compared to the

year-ago level.

Chevron ( CVX ) said it earned $2.51 per share for the quarter,

compared to analysts' estimates of $2.42, helped by a 7%

year-over-year increase in oil and gas volumes and operating

cost cuts.