Chevron Corporation (CVX) Reports Strong Results for Q3 Despite Low Prices

Chevron Corporation (NYSE:CVX) is included among the 11 Best High Yield Energy Stocks to Buy Now.

Chevron Corporation (CVX) Reports Strong Results for Q3 Despite Low Prices

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

Chevron Corporation (NYSE:CVX) remains resilient despite a low-price environment, and the oil giant reported strong results for its third quarter on October 31, topping expectations in both earnings and revenue. Chevron completed the acquisition of Hess in July, and the combined company produced 4.1 million barrels of oil equivalent per day (boepd) in Q3, up significantly from 3.4 million boepd in the same quarter last year. The company also continues to work on improving efficiency and is on track to achieve $2 billion to $3 billion in cost reductions next year.

Chevron Corporation (NYSE:CVX) generated free cash flow of $4.9 billion during the quarter and returned $6 billion to shareholders in the form of dividends and share repurchases. The company’s diverse industry exposure and strong financial position have allowed it to grow its annual dividends for 38 consecutive years, putting it among the Top 15 Dividend Growth Stocks for Long-Term Investors.

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