Chevron (NYSE: CVX) continued to capitalize on strong conditions in the oil and gas market. The energy giant's earnings soared well past analysts' expectations. That gave the oil company's stock the fuel to rally toward a record high. 

The rise in Chevron's stock price is further enriching Warren Buffett, whose Berkshire Hathaway counts the oil stock as its third-largest holding. Here's a closer look at the quarter and whether now is still a good time to buy one of Buffett's favorite stocks. 

Chevron reported $11.2 billion, or $5.78 per share, of earnings for the third quarter. That was nearly double the $6.1 billion, or $3.19 per share, it posted in the year-ago period. While profits were slightly below the all-time high Chevron posted in the second quarter as oil prices cooled off, its results beat analysts' expectations by a wide margin. 

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Source Fool.com