Chevron Corp. shares slid 1.2% premarket after the company reported third-quarter earnings. Chevron said it had net income of $1.952 billion, or $1.03 a share, in the quarter, up from $1.283 billion, or 68 cents a share, in the year-earlier period. Revenue rose to $36.2 billion from $30.1 billion. The FactSet consensus was for EPS of 98 cents and revenue of $34.5 billion. “Cash flow is at a positive inflection point, with oil and gas production increasing and capital spending falling,” Chief Executive John Watson said in a statement. “We’re completing projects that have been under construction and ramping up production, notably at our Gorgon LNG Project in Australia. And our shale and tight rock drilling activity in the Permian Basin is exceeding expectations.” Shares have gained 0.6% in 2017, while the S&P 500 has gained 14%.
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