Chevron earnings beat Wall Street estimates as oil production hits record boosted by Hess acquisition
1. Chevron beat earnings estimates but net income declined 21%. 2. Record production of 4.1 million barrels per day was achieved. 3. U.S. crude oil prices fell 16% this year impacting profits. 4. Chevron's refining profits rose over 300% compared to last year. 5. Capital expenditures increased by 7% due to Hess acquisition costs.