Chevron beats quarterly profit expectations on higher production

Nov 1 (Reuters) - Chevron Corp (CVX.N), opens new tab on Friday beat Wall Street estimates for third-quarter profit, helped by higher oil and gas output, but overall earnings fell compared to the year-ago level.

The company, whose proposed $53 billion takeover of Hess (HES.N), opens new tab has been delayed due to a challenge by rivals Exxon Mobil (XOM.N), opens new tab and CNOOC Ltd (600938.SS), opens new tab, reported a profit of $4.53 billion, compared to $5.72 billion a year ago.

Oil industry profits have sagged this year from softer oil prices and weaker fuel demand growth. Oil futures in the quarter ended Sept. 30 averaged...
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