Chevron surprises with profit despite dimming outlook

Bloomberg

Chevron Corp posted a surprise profit as the oil supermajor slashed capital spending to cope with the pandemic-driven collapse in crude demand.
The California oil titan posted adjusted per-share earnings of 11 cents for the third quarter, outperforming the average 27-cent loss expected
by analysts in a Bloomberg survey.
Times are tough for the industry and Chevron is willing to let production drop while waves of Covid-19 suppress crude demand and weigh on prices. US cases of the virus rose to a new record
while Europe’s largest economies prepared for fresh lockdowns.