Chevron reports highest free cash flow on record as rebound in oil boost results; shares gain

Chevron reports highest free cash flow on record as rebound in oil boost results; shares gain

Said Friday that it generated the highest free cash flow on record during the third quarter as surging commodities prices and lower operational costs boosted operations. The oil giant beat top- and bottom-line estimates for the period, earning $2.96 per share on an adjusted basis. Revenue jumped more than 80% year over year to $44.71 billion. Wall Street analysts were expecting the company to earn $2.21 per share on sales of $40.52 billion, according to estimates from Refinitiv. "Third quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure," Mike Wirth, Chevron's chairman and CEO, said in a statement. Chevron paid $2.6 billion in dividends during the period, repurchased $625 million worth of stock, and reduced debt by $5.6 billion. Friday's results mark an ongoing turnaround for Chevron and energy companies more broadly, after the pandemic and worldwide economic shutdown sapped demand for petroleum products. the second quarter of 2021 the oil giant earned $1.71 per share on an adjusted basis, with revenue coming in at $37.6 billion. Chevron reported a loss of $207 million during the and posted sales of $24.45 billion. Chevron said it continues