Chevron’s total debt was $37.34bn at the end of Q3 2021. Credit: Buhler013 / WikiCommons.

Chevron has reported a net profit of $6.1bn for the third quarter of 2021 against a loss of $207m a year ago, driven by a rebound in oil and gas prices.

The firm’s refining margins were also boosted due to a recovery in motor fuel demand.

Related Company Profiles

View all

In Q3, the firm generated total sales and other operating revenues of $44.7bn, up from $24.45bn a year earlier.

Adjusted earnings stood at $5.7bn for the quarter that ended 30 September 2021, up from $340m in the same year-ago quarter.

Chevron chairman and CEO Mike Wirth said: “Third-quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure.

“Our free cash flow during the quarter was the best ever reported by the company.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We paid dividends of $2.6bn, reduced debt by $5.6bn, and repurchased $625m of shares during the quarter.”

The company’s worldwide net oil-equivalent production for the quarter was 3.03 million barrels per day.

Earnings from the company’s upstream and downstream operations surged to $5.1bn and $1.3bn respectively.

Chevron also reported net oil-equivalent production of 1.13 million barrels per day in the third quarter of 2021, which represents an increase of 145,000 barrels per day from the year-ago period.

In a press statement, the firm said: “The increase was due to an additional 224,000 barrels per day of production following the Noble Energy acquisition, partially offset by a 69,000 barrels per day decrease related to the Appalachian asset sale.”

The company’s total debt stood at $37.34bn by the end of third quarter of 2021.