By Aisha Al-Muslim 

Chevron Corp.'s earnings in its latest quarter more than doubled from a year ago as the oil producer benefited from higher crude oil prices and production in the U.S.

Chevron on Friday reported a third-quarter profit of $4.05 billion, or $2.11 a share, up from $1.95 billion, or $1.03 a share, a year earlier. Analysts polled by Refinitiv were looking for $2.09 a share.

The company's results included a $930 million gain from the settlement of a contract in its energy exploration operations, and a gain of $350 million from the sale of southern African refining, marketing and lubricant assets.

Revenue rose 22% to $43.99 billion but still missed the consensus forecast of $46.67 billion. Oil-equivalent production rose 9% to 2.96 million barrels a day, the company said.

Chevron shares rose 2.4% to $113.88 in premarket trading Friday. Shares are down 3.6% in the past 12 months.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

 

(END) Dow Jones Newswires

November 02, 2018 09:29 ET (13:29 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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