Chevron shares rise after quarterly earnings exceeded expectations, sales shortfall

Chevron shares rise after quarterly earnings exceeded expectations, sales shortfall

Chevron posted quarterly earnings that exceeded analysts' expectations on Friday as record-breaking oil and gas production boosted the company's bottom line.

Weak overseas refining margins weighed on Chevron's earnings in the last quarter, although earnings have improved over the last three months.

Last week, Reuters reported that Chevron is discussing the purchase of a refinery in Pasadena, Texas, which will be its first facility in Houston. The refinery would give Chevron control of a processing plant that is relatively close to the Perm holes and position it near the export hub of the Gulf of Mexico.

Profits were also bolstered by $ 930 million in financial items, including write-offs, impairments and contractual settlements, as well as Chevron's $ 350 million sale of African refining, marketing and lubricants.

Chevron's revenue increased 21 percent year-on-year to $ 43.99 billion. Analysts had expected a quarterly turnover of 46.67 billion US dollars.

Chevron's shares fell nearly 10 percent this year, with much of that decline coming in the last three months, even though the company announced a $ 3 billion a year share buyback program last time it saw quarterly gains.

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