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Chevron Q3 Profit Rises; Posts Best Ever Free Cash Flow

Chevron Corporation (CVX) said its third quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure. The company's free cash flow during the quarter was the best ever reported by the company.

U.S. upstream operations earned $1.96 billion, compared to $116 million, prior year. Average sales price per barrel of crude oil and natural gas liquids was $58 in third quarter 2021, up from $31 last year.

International upstream operations earned $3.17 billion, compared to $119 million. The average sales price for crude oil and natural gas liquids was $68 per barrel, up from $39.

Upstream worldwide net oil-equivalent production was 3.03 million barrels per day in third quarter 2021, an increase of 7 percent from a year ago.

U.S. downstream operations reported earnings of $1.08 billion, compared with $141 million prior year. International downstream operations reported earnings of $227 million, compared to $151 million, last year.

Chevron reported third quarter adjusted earnings of $5.7 billion or $2.96 per share compared to adjusted earnings of $340 million or $0.18 per share, previous year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $2.21, for the quarter. Analysts' estimates typically exclude special items. Reported earnings was $6.1 billion or $3.19 per share, compared to a loss of $207 million or $0.12 per share.

Sales and other operating revenues increased to $43 billion, from $24 billion, a year ago. Analysts on average had estimated $40.52 billion in revenue.

Third quarter cash flow from operations was $8.6 billion. Also, the company reported record free cash flow of $6.7 billion, for the quarter.

Shares of Chevron were up nearly 2% in pre-market trade on Friday.

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