Chevron Misses Profit Estimates as Lower Oil Prices, Higher Costs Weigh on Earnings; Acquires Hess Corp for $53 Billion

Chevron's third-quarter profit fell to $6.5 billion, missing Wall Street estimates. Share price dropped 5.4%.

Earnings hurt by lower crude prices, higher costs, and timing effects like oil inventories.

Warned production could fall 1% if stoppage at Tamar gas field in Israel continues.

Agreed to acquire U.S. rival Hess Corp for $53 billion, expanding shale and deepwater assets.

Capital expenditures rose over 50% to $4.7 billion, partly due to acquisitions like hydrogen storage firm ACES Delta.