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


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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