Energy giant Chevron (NYSE:CVX) reported better-than-expected third-quarter Fiscal 2022 results today. In Q3FY22, Chevron’s adjusted earnings nearly doubled to $5.56 per share over the prior year period. Also, the figure easily beat the consensus estimates by $0.71 per share. Similarly, revenue rose a whopping 49% year-over-year to $66.64 billion and significantly surpassed estimates of $61.44 billion. Following the news, CVX stock is up 2.4% in pre-market trading at the time of writing. Remarkably, Chevron’s Permian Basin unconventional production grew 12% year-over-year to total over 700,000 barrels of oil equivalent per day. Also, the return on capital employed (ROCE) doubled to 25% compared to the same period last year.
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