Chevron Q4 Profit Jumps 72 Percent

By San Francisco Business Times

Chevron Corp. on Friday reported a 72 percent increase in its fourth-quarter earnings, helped by rising crude prices and refined products.San Ramon-based Chevron (NYSE: CVX) posted fourth-quarter net income of $5.3 billion, or $2.64 cents per share, up from net income of $3 billion, or $1.53 per share, in the same period last year.Chevron's revenue for the quarter was $51.9 billion, up from $47.6 billion a year earlier.

Analysts polled by Thomson Financial Network were expecting earnings of $2.40 per share on $55.97 billion in revenue.

Earnings from Chevron's upsteam business, which includes exploration and production, were down 13 percent in the United Sates, to $930 million. The segment was up 27 percent, to $3.9 billion, internationally.

The company's downstream business, which includes refineries, had a profit of $475 million compared with a $333 million loss in the same period last year. Globally the segment had a $267 million profit compared with $340 million loss in the year-ago period.

⿿Earnings and cash flow increased significantly in 2010 as a result of higher prices for crude oil, higher net oil-equivalent production and improved refined product sales margins," Chevron chairman and CEO John Watson, said in a statement. "From an operating perspective, safety results were world-class, net oil-equivalent production for the year came in above target, and refinery reliability was strong.⿝

Copyright 2011 American City Business Journals

http://www.bizjournals.com/sanfrancisco/news/2011/01/28/chevron-q4-profit-jumps-72-percent.html?ana=thestreet

Copyright bizjournals.com 2010

More from Commodities

Watch This If You're Wondering How Much Gold to Have and When to Sell

Watch This If You're Wondering How Much Gold to Have and When to Sell

How Can Gold Continue This Upward Momentum?

How Can Gold Continue This Upward Momentum?

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Oil Rally Steadies Even as Potential Supply Disruptions Persist

Oil Rally Steadies Even as Potential Supply Disruptions Persist

The Outlook for Gold Prices Looks Awful Even With 10-Year Yields Above 3%

The Outlook for Gold Prices Looks Awful Even With 10-Year Yields Above 3%