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Investing.com - Chevron has posted third-quarter profit which topped estimates, thanks in part to a boost from oil production linked to its acquisition of Hess earlier this year.
Adjusted earnings per share stood at $1.85 for the period, compared to Bloomberg consensus estimates of $1.66.
Worldwide production came in at 4.086 million barrels of oil equivalent per day, versus expectations of 3.873 mboe/d.
“The integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company,” said CEO Mike Wirth in a statement.
Earlier this year, Chevron successfully fought off a legal challenge to its $55 billion purchase of Hess, closing one of the biggest transactions in the energy sector in decades. Wirth said at the time that much of Chevron’s future strategy rested on the completion of the deal, especially after a rash of returns which lagged industry leaders.
Crucially, purchasing Hess has given Chevron access to the prolific Stabroek Block, an oil discovery off the coast of Guyana which holds more than 11 billion barrels of oil -- and a long-term source of growth for the company to help fund dividends and withstand crude price volatility.
Capital expenditures rose to $4.4 billion, up from $4.1 billion a year ago, due in large part to spending on legacy Hess assets after the acquisition was closed.
The firm returned $6 billion of cash to shareholders during the quarter, including dividends of $3.4 billion and share buybacks of $3.4 billion.
Shares of the No. 2 U.S. oil major were marginally higher in premarket U.S. trading on Friday.