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Chevron Joins the Oil Party as Cuts, Sales Spur Outsized Results

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Chevron Corp. joined the widening array of oil explorers trampling analysts’ profit forecasts with outsized results fed by climbing crude prices and uncharacteristic frugality.

Chevron posted third-quarter per-share net income that exceeded the 99-cent average of 19 estimates in a Bloomberg survey. The outcome validated Chief Executive Officer John Watson’s sweeping job cuts, project cancellations and asset sales to protect cash flow during the three-year oil rout.

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