Chevron Surprises With Profit Despite Grim Outlook

(Bloomberg) — Chevron Corp. posted a surprise profit as the oil supermajor slashed capital spending to cope with the pandemic-driven collapse in crude demand.The California oil titan posted adjusted per-share earnings of 11 cents for the third quarter, outperforming the average 27-cent loss expected by analysts in a Bloomberg survey. Production from the company’s crude and natural gas wells tumbled to the lowest in more than two years, partly because of intentional decisions to curtail operations that couldn’t turn profits as prices cratered.Things are bad for the industry, Chief Executive Officer Mike Wirth said in a statement, and he provided …read more

Source:: Yahoo Finance