ChevronFriday, the firm announced that it had the largest free cash flow ever recorded during the third trimester. This was due to the combination of higher commodities prices and lower operating costs.

Oil giant, which earned $2.96 per share adjusted for inflation, beat all top and bottom line estimates and reported $44.71 billion revenue.

According to Refinitiv estimates, Wall Street analysts expected the company to make $2.21 per share from sales of $40.52 trillion.

Chevron chairman Mike Wirth said that third quarter earnings had been the best since 2013, largely because of improved market conditions and strong operational performance.

Chevron received $2.6 billion in dividends, purchased stock worth $625m and decreased its debt by $5.6billion.

After the global economic downturn and pandemic that decimated demand for petroleum products, Friday’s results represent a continuing turnaround for Chevron as well as for other energy companies.

DuringThe oil company earned $1.71 per share, adjusted for inflation, in the second quarter 2021. Revenue was $37.6 million. Chevron posted a $207 million loss during the quarter. third quarter of 2020And posted sales of $24.45 trillion

Chevron claimed that its capital discipline continues and that spending in 2021 is at a 22% decline year-over-year.

As oil prices recovered from the pandemic lows, upstream activities at the company brought in $5.135 trillion during this quarter. Last year, the unit made only $235 million in that same period.

Chevron saw its net oil equivalent production rise by 7% to 3.03 Million barrels daily.

In the third quarter, the average sale price for crude oil was $58. This nearly 90% increase year-over-year. After a jump of 89c last year, natural gas prices rose to an average $3.25 per 1000 cubic feet. International operations saw an average barrel price of $68, an increase from $39 in 2020.

Chevron shares rose 2% in premarket trading Friday. For the year, the stock is up 34% through Thursday’s close, lagging the S&P 500 energy sector’s 53% gain.

ExxonOn Friday, the company will release its results. Refinitiv’s estimates indicate that the company would earn $1.56 a share on revenue of $76.34 trillion. Last quarterOn revenue of $67.74 trillion, the company received $1.10 per Share.

It was during the third quarter of 2020Exxon experienced an adjustment of 18 cents per share, but generated $46.2 billion revenue.