Chevron Corp. (IW 500/5) posted its first profit in a year as a recovery in energy prices halted a string of writedowns that have depressed the oil explorer’s results since late 2015.
The company’s third-quarter per-share profit of 68 cents exceeded the expectations of all 21 analysts in a Bloomberg survey.
Even as Chevron’s U.S. wells lost money, earnings from the company’s overseas oil and natural gas production edged higher.
