Chevron (CVX) Q3 profit slumps despite higher oil prices

A Chevron gas station on December 05, 2022 in Houston, Texas.

Brandon Bell | Getty Images

Chevron posted a slump in third-quarter profit on Friday despite higher oil prices, days after agreeing to buy smaller U.S. rival Hess for $53 billion, sending its shares down 1.6% before the bell.

The company had in July flagged that upstream turnarounds and downtime will likely reduce production by about 110,000 barrels of oil equivalent per day (boepd) in the quarter.

Analysts have also flagged a decline in North American activity as oil and gas prices moved lower from last year’s highs.

Upstream earnings fell about 38% to $5.8 billion in the quarter.

The oil major posted a net profit of $6.5 billion, or $3.48 per share, compared with $11.2 billion, or $5.78 per share, in the same period last year.

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