=Chevron (CVX) reported earnings on Fri 28 Oct 2016 (b/o)

Chevron beats by $0.29, misses on revs:

• Reports Q3 (Sep) earnings of $0.68 per share, $0.29 better than the Capital IQ Consensus of $0.39; revenues fell 12.2% year/year to $30.14 bln vs the $30.58 bln Capital IQ Consensus

Upstream:

• Worldwide net oil-equivalent production was 2.51 million barrels per day in third quarter 2016, compared with 2.54 million barrels per day from a year ago
• Production increases from major capital projects, shale and tight properties, and base business were more than offset by normal field declines, the effect of asset sales, maintenance-related downtime primarily reflecting a major planned turnaround at Tengizchevroil, the effects of civil unrest in Nigeria and production entitlement effects in several locations
• U.S. upstream operations incurred a loss of $212 million in third quarter 2016 compared with a loss of $603 million from a year ago
• The improvement was due to lower operating and depreciation expenses, and lower tax items, partially offset by lower crude oil realizations