Key facts
- Chevron's third-quarter profit nearly tripled to $9.9 billion.
- Downstream operations earned $4.93 billion, more than four times the prior year.
- U.S. refining profits jumped to $3.59 billion from $638 million.
- Upstream earnings climbed to $5.7 billion from $3.3 billion.
- Brent crude averaged $97 per barrel, up from $69 a year earlier.
Chevron's third-quarter profit nearly tripled to $9.9 billion, driven by strong performance in its refining operations. The company reported earnings of $5.06 per share, with adjusted earnings reaching $10.4 billion, surpassing Wall Street's expectations. U.S. refining profits saw a significant jump to $3.59 billion, as refineries operated at high capacity amidst global supply disruptions. Higher crude prices also boosted upstream earnings to $5.7 billion.