Chevron Release Third Quarter 2021 Results
Chevron Corporation (NYSE: CVX) today reported earnings of $6.1 billion ($3.19 per share – diluted) for third quarter 2021, compared with a loss of $207 million ($(0.12) per share – diluted) in third quarter 2020. Included in the current quarter were asset sale gains of $200 million and pension settlement costs of $81 million. Foreign currency effects increased earnings by $305 million. Adjusted earnings of $5.7 billion ($2.96 per share – diluted) in third quarter 2021 compares to adjusted earnings of $340 million ($0.18 per share – diluted) in third quarter 2020.
Sales and other operating revenues in third quarter 2021 were $43 billion, compared to $24 billion in the year-ago period. Cash flow from operations of $8.6 billion; record free cash flow of $6.7 billion Share repurchases of $625 million
“Third quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure,” said Mike Wirth, Chevron’s chairman and chief executive officer.
“Our free cash flow during the quarter was the best ever reported by the company,” Wirth added. “We paid dividends of $2.6 billion, reduced debt by $5.6 billion, and repurchased $625 million of shares during the quarter.”
Chevron continued to exercise capital discipline and actively manage its portfolio to advance its higher return, lower carbon objectives. Year-to-date capital spending was down 22 percent from a year ago. The company announced an agreement with Neste Oyj to acquire their Group III base oil business and brand, NEXBASETM, and completed the acquisition of an equity interest in American Natural Gas LLC and its network of 60 compressed natural gas stations to grow its renewable natural gas value chain. In addition, the company completed the sales of several conventional Permian Basin properties during the quarter.
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