Chevron Shares Rise 3% After Q3 Profit Tops Estimates on Hess-Driven Output

Core Insights - Chevron Corp. reported third-quarter earnings that exceeded expectations, driven by increased oil production following the acquisition of Hess Corp. earlier this year [1] - Adjusted earnings per share were $1.85, surpassing Bloomberg's consensus estimate of $1.66, with global output reaching 4.09 million barrels of oil equivalent per day, exceeding forecasts of 3.87 million [1] Acquisition Details - Chevron completed its $55 billion acquisition of Hess earlier this year after overcoming a legal challenge, marking one of the largest deals in the energy sector in decades [2] - The acquisition secured Chevron's stake in Guyana's Stabroek Block, an oil field estimated to contain over 11 billion barrels of recoverable crude [2] Strategic Importance - CEO Mike Wirth emphasized that the acquisition is central to Chevron's long-term growth strategy, providing a significant new source of low-cost production that will support dividends and help mitigate earnings volatility from fluctuating oil prices [3]