Friday joined other major energy companies in posting sharply improved third-quarter earnings, benefiting from high oil and gas prices.
The San Ramon, Calif., company had net income of almost $2 billion, or $2.02 a share, on revenue of $31 billion, compared with a loss of $900 million, or 85 cents a share, on revenue of $25.4 billion in 2002. The quarter included a gain of 16 cents a share related to a stock sale at an affiliate.
The results beat analysts estimates by almost 25%, with a consensus forecast of $1.62 a share, according to Thompson First Call. The company's third-quarter results last year were marked by losses related to its affiliate,
, and other one-time items. In 2003, operating profits rose to $27.6 billion from $25.4 billion a year ago.
ChevonTexaco shares closed at $71.76 on Thursday.
So far this week,
have all reported strong third quarter earnings.