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HOUSTON, Oct 27 - Chevron on Friday posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its shares down 6%.
The earnings miss came after Chevron had warned in the second quarter that maintenance in its oil and gas production and refining businesses would hurt results. ACQUISITIONS, SPENDING Chevron agreed to buy U.S. rival Hess Corp for $53 billion in an all-stock deal that expands its shale and deepwater oil production and reserves. It also acquired U.S. shale oil and gas producer PDC Energy and a majority stake in ACES Delta, a U.S. hydrogen storage firm, in recent months.
Overall, volumes rose 4% to 3.15 million barrels of oil and gas per day on the PDC Energy deal, which increased the production of less-lucrative natural gas by 25%. Chevron pumped 3.03 million boed a year ago.
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