Chevron earnings beat estimates as oil production hits record boosted by Hess acquisition

Financial Performance - Chevron reported adjusted earnings of $185 per share, exceeding expectations by 15 cents, with revenue of $49.7 billion also surpassing forecasts [1] - The company experienced a 27% increase in US production and a 21% increase in worldwide production compared to the prior year [2] Cash Flow and Shareholder Returns - Adjusted cash flow reached $7 billion, a 50% year-over-year increase, despite a $10 per barrel decline in crude oil prices [2] - Chevron returned approximately $6 billion to shareholders in the third quarter, totaling $75 billion over the last three years, against a market cap of $315 billion [6] Operational Developments - The CEO highlighted the resolution of four key projects that positively impacted cash flow, including the Kazakhstan project and three Gulf projects [3][4] - Cost reductions are on track, contributing to the company's strong financial position [6] Technological Advancements - Chevron is increasingly utilizing AI for exploration and maintenance, digitizing over a million historical documents and maps to enhance operational efficiency [7]