Chevron 3Q Profit Jumps On Higher Oil Prices

View Comments
A Chevron sign at a Bay Area gas station. (CBS)

A Chevron sign at a Bay Area gas station. (CBS)

SAN RAMON (CBS SF) – Chevron Corp.’s quarterly profit more than doubled as a jump in oil prices made up for declining production.

The San Ramon oil company said net income totaled $7.83 billion, or $3.92 per share, for the third quarter. That compared with $3.77 billion, or $1.87 per share, a year earlier.

Revenue rose 26 percent to $61.3 billion.

Analysts had expected earnings of $3.47 per share on revenue of $70.4 billion, according to FactSet.

Chevron said oil prices jumped 41 percent in the U.S. and 47 percent overseas. The increased price made up for a 5 percent drop in production of oil and natural gas.

 

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 54,008 other followers