High oil prices and record U.S. refining margins lifted Chevron (CVX) above
expectations. Q3 adjusted EPS $5.28, beating analysts by $0.35; refining
Earnings totaled $4.93 billion, a record and roughly four times year-ago.
Chevron reduced share buybacks to $2.5 billion but remains within full-year
guidance. The company expects Venezuelan output of about 300,000 bpd by
year-end, roughly 20% above a year earlier, with production costs under $20/bbl,
making it one of the most profitable basins. European peers also reported large
profit gains: Shell increased buybacks to match Exxon Mobil and BP posted its
strongest profit in 18 years on heavy refining margins.
