VBIN's oil stock thread.

[EricL]

Keep in mind these are trailing numbers with $58 sale prices for oil and $3.25 for natural gas. We are at $81.50 and $5.50 as of this morning.

• Chevron (NYSE:CVX) +2% pre-market after crushing Q3 earnings and revenue estimates, as average realized prices for its crude oil nearly doubled and natural gas prices nearly quadrupled compared with a year ago.
  
  
• Chevron says its Q3 profit of $6.11B was the highest quarterly result in eight years, swinging from a $207M loss in the same period last year.
  
  
• Q3 upstream earnings totaled $5.14B vs. $235M in the year-earlier quarter and more than $1B above $4.07B consensus; downstream earnings were $1.31B vs. $292M a year ago and above $1.09B consensus.
  
  
• Q3 total revenues soared 83% Y/Y to $44.7B, nearly $4B above analyst expectations.
  
  
• Q3 cash flow from operations totaled $8.6B, while free cash flow hit a quarterly record $6.7B.
  
  
• The results were so strong that Chevron's net-debt-to-capital ratio has fallen below its target of 20%-25%, a key threshold that could prompt an increase in stock repurchases, CFO Pierre Breber tells Bloomberg.
  
  
• Q3 worldwide net production rose 7% Y/Y to 3.03M bbl/day; U.S. upstream production jumped 15% to 1.13M boe/day, while international upstream production was relatively flat at 1.91M boe/day.
  
  
• U.S. upstream average crude oil and NGL sales price up 87% Y/Y to $58/bbl from $31/bbl a year ago, and U.S. upstream average sales price increased ~3.5x to $3.25/Mcf from $0.89 a year ago; international upstream average crude oil and NGL sales price up 74% to $68/bbl, international upstream average sales price up 61% to $6.28/Mcf.
  
  
• U.S. downstream refinery crude oil input rose 9% Y/Y to 895K bbl/day; international downstream refinery crude oil input rose 2.5% to 584K bbl/day.
  
  
• Q3 earnings "were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure," CEO Mike Wirth said.
  

Chevron is going to be printing incredible amounts of cash the new few quarters, and with its debt target now hit, that means big buybacks and what should be a sizable dividend boost.