Chevron’s adjusted earnings per share for the third quarter is $5.28, exceeding expectations

High oil prices combined with record U.S. refining margins have pushed Chevron (CVX.US) to outperform analyst expectations, reaching the fourth-highest level in the company's history. Third-quarter adjusted net profit was $5.28 per share, 35 cents higher than analysts' average estimate. The refining business was the key driver for the earnings beat, generating $4.93 billion in profit—a record high and four times the level seen in the same period last year. Although Chevron reduced the scale of its share buybacks to $2.5 billion, it still remains within its full-year guidance range. Chevron is on track to achieve its goal of 300,000 barrels per day in Venezuela by the end of this year, up 20% from a year ago. The company's production cost in Venezuela is below $20 per barrel, making it one of the most profitable oil and gas regions globally. This week, several major European oil giants also reported substantial profit growth. Shell increased its share buyback program, putting it on par with industry leader ExxonMobil; while BP achieved its highest profit in 18 years, driven by strong refining margins.