Chevron (NYSE:CVX) shares fell 1.7% in pre-open trading after the oil giant reported weaker-than-expected profit figures for the third quarter.
The company reported Q3 EPS of $3.05, way below the expected $3.60. Revenue for the quarter came in at $54.08 billion versus the consensus estimate of $51.36B.
Cash flow from operations stood at $9.7B.
“We delivered another quarter of solid financial results and strong cash returns to shareholders,” said Mike Wirth, Chevron’s chairman and chief executive officer.
Cash returned to shareholders stands at $20B year-to-date, 27% higher than last year’s record total for the same period.
“Chevron is delivering strong financial results while also investing to profitably grow our traditional and new energy businesses to drive superior value for shareholders,” Wirth concluded.
The profit miss comes just a few days after Chevron announced a mega deal to acquire Hess Corporation (NYSE:HES) for $53B.