Chevron’s Profit Doubles As US Oil Production Jumps

U.S. oil and natural gas producer Chevron Corp. (NYSE: CVX) on Nov. 2 reported that its quarterly profit doubled on record oil and gas production, sending its shares up as much as 5%.

The results reflected strong gains in its oil and gas production with crude prices up 44% during the quarter and offset a drop in earnings from its downstream operations, including refining and chemicals.

Third-quarter oil and gas production rose 9% over a year earlier, and the company forecast total output for the full year would be up about 7% over 2017.

Its production in the West Texas shale fields rose 80% in the quarter, adding 150,000 barrels per day, “the equivalent of adding a midsize Permian pure-play E&P company,” Pat Yarrington, the company’s finance chief, told analysts on a conference call.