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Chevron reports highest free cash flow on record as rebound in oil boost results; shares gain
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cnbc.comIn this article
Chevron said Friday that it generated the highest free cash flow on record during the third quarter as surging commodities prices and lower operational costs boosted operations.
The oil giant beat top- and bottom-line estimates for the period, earning $2.96 per share on an adjusted basis, and reporting $44.71 billion in revenue.
Wall Street analysts were expecting the company to earn $2.21 per share on sales of $40.52 billion, according to estimates from Refinitiv.
«Third quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure,» Mike Wirth, Chevron's chairman and CEO, said in a statement.
Chevron paid $2.6 billion in
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