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Chevron Earnings Rise Sharply Thanks to High Crude Prices

Chevron

(CHV)

said Wednesday that fourth-quarter earnings rose 88%, thanks to higher production and elevated prices for both crude oil and natural gas.

The energy company said earnings, before charges, rose to $1.54 billion, or $2.39 a share, up from $819 million in the year-ago period.

Nineteen analysts polled by

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First Call/Thomson Financial

were calling for the company to earn $2.21 a share in the quarter, up from $1.24 a share in the same period last year. But, First Call said the Chevron earnings per share estimates listed on its Web site eliminate the effect of foreign currency gains or losses and therefore aren't directly comparable to the EPS numbers the company released.

Fourth-quarter revenue rose to $13.19 billion from $10.61 billion a year ago.

In recent

New York Stock Exchange

trading, Chevron lost 50 cents, or 0.6%, to $79.06.