Chevron's $7.6 Billion Acquisition Is Paying Big Dividends
At first glance, (NYSE: CVX) reported rather ho-hum third-quarter results. The oil giant's adjusted earnings fell compared to the second quarter and the year-ago period. They also fell short of analysts' expectations.
However, that was largely due to issues with some of its international operations. That masked the robust performance of its U.S. businesses, which thrived in the second quarter, fueled by its $7.6 billion acquisition of PDC Energy.
In the third quarter, Chevron reported $5.7 billion, or $3.05 per share, of adjusted earnings. That was down slightly from $5.8 billion, or $3.08 per share, in the second quarter. The decline was largely due to weaker international results. Its upstream production declined by 112,000 barrels of oil equivalent per day (BOE/d), while downstream earnings fell because of lower margins and output.
Source Fool.com
Chevron Corp. Stock
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