Overview

* Chevron ( CVX ) Q3 adjusted EPS beats analyst expectations

* Chevron ( CVX ) reports Q3 earnings of $3.5 bln, down from $4.5 bln last year

* Record production of 4.1 mln BOE per day, up 21% yr/yr

Result Drivers

* RECORD PRODUCTION - Chevron ( CVX ) achieved record production of 4.1 mln BOE per day, a 21% increase yr/yr, driven by the acquisition of Hess and increased output in the Permian Basin and Gulf of America

* CASH FLOW INCREASE - Adjusted free cash flow rose over 50% yr/yr, aided by asset sales and loan repayments from TCO

* HESS ACQUISITION - Integration of Hess is progressing, contributing to production growth and unlocking synergies

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $1.85 $1.68

Adjusted (19

EPS Analysts

)

Q3 EPS $1.82

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 11 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the integrated oil & gas peer group is "buy"

* Wall Street's median 12-month price target for Chevron Corp ( CVX ) is $171.50, about 10.5% above its October 30 closing price of $153.52

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)