Reports Q3 revenue $36.12B, consensus $37.69B. Included in the current quarter was a tax charge of $430M related to a cash repatriation.
The company's average sales price per barrel of crude oil and natural gas liquids was $47 in Q3, down from $62 a year earlier. Net oil-equivalent production of 934,000 barrels per day in Q3 was up 103,000 barrels per day from a year earlier. Q3 unconventional net oil-equivalent production in the Permian Basin was 455,000 barrels per day, representing growth of 35% compared to a year ago.
CEO Michael Wirth said, "Third-quarter earnings and cash flow were solid, but down from our very strong results of a year ago. Third-quarter earnings and cash flow were solid, but down from our very strong results of a year ago...We also advanced capital projects and added resource opportunities. In September, we sanctioned a waterflood project in the St. Malo Field in the Gulf of Mexico. We also acquired deepwater exploration blocks in the Mexican Gulf of Mexico and Brazil's Campos and Santos basins, strengthening our deepwater exploration portfolio. Global demand for energy continues to grow, and we are committed to meet this demand with less environmental impact. We recently announced new goals to reduce net greenhouse gas emission intensity from upstream oil and natural gas production," Wirth continued.
"During the third quarter, we began capturing and storing carbon dioxide at our Gorgon LNG facility in Australia, one of the world's largest greenhouse gas mitigation projects. Also, construction is underway on a new solar farm, which will supply low-carbon electricity to the Lost Hills Oil Field in California."
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