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Chevron tops Street 3Q forecasts

October 28, 2016

SAN RAMON, Calif. (AP) — Chevron Corp. (CVX) on Friday reported third-quarter net income of $1.28 billion.

The San Ramon, California-based company said it had net income of 68 cents per share.

The results surpassed Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The oil company posted revenue of $30.14 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $30.06 billion.

Chevron shares have increased 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 4 percent. The stock has increased 14 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVX at https://www.zacks.com/ap/CVX


Keywords: Chevron, Earnings Report

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