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O'Reilly a hard act to follow at Chevron
Third-quarter profits may be down, but Chevron still exceeded market expectations. David O'Reilly will exit the US major with production ramping up worldwide, writes NJ Watson
TAKING OVER a company as it suffers a halving in profits might seem like bad timing. But Chevron's third-quarter results were, in many respects, encouraging for incoming chief executive officer (CEO) John Watson, who will replace David O'Reilly at the end of the year. Third-quarter profits dropped by 51% to $3.83bn, or $1.72 a share, compared with the same period in 2008. It sounds bad, but profit was up by 119% from the previous quarter and much better than the Thomson Reuters I/B/E/S consensus forecast of $1.47 a share. Chevron beat analysts' forecasts soundly in the upstream segment, with all other elements mostly in line with expectations. Deutsche Bank analyst Paul Sankey said the results were "outstanding – outright strong volume growth with good profitability". Profits were undermined by commodity price declines ...Click here to continue reading O'Reilly a hard act to follow at Chevron
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