RTTNews | Oct 29, 2021 06:38AM EDT

06:38 Friday, October 29, 2021 (RTTNews.com) - Chevron Corporation (CVX) said its third quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure. The company's free cash flow during the quarter was the best ever reported by the company.

U.S. upstream operations earned $1.96 billion, compared to $116 million, prior year. Average sales price per barrel of crude oil and natural gas liquids was $58 in third quarter 2021, up from $31 last year.

International upstream operations earned $3.17 billion, compared to $119 million. The average sales price for crude oil and natural gas liquids was $68 per barrel, up from $39.

Upstream worldwide net oil-equivalent production was 3.03 million barrels per day in third quarter 2021, an increase of 7 percent from a year ago.

U.S. downstream operations reported earnings of $1.08 billion, compared with $141 million prior year. International downstream operations reported earnings of $227 million, compared to $151 million, last year.

Chevron reported third quarter adjusted earnings of $5.7 billion or $2.96 per share compared to adjusted earnings of $340 million or $0.18 per share, previous year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $2.21, for the quarter. Analysts' estimates typically exclude special items. Reported earnings was $6.1 billion or $3.19 per share, compared to a loss of $207 million or $0.12 per share.

Sales and other operating revenues increased to $43 billion, from $24 billion, a year ago. Analysts on average had estimated $40.52 billion in revenue.

Third quarter cash flow from operations was $8.6 billion. Also, the company reported record free cash flow of $6.7 billion, for the quarter.

Shares of Chevron were up nearly 2% in pre-market trade on Friday.

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