Chevron 3Q Profit Jumps On Higher Oil Prices

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 This material may not be published, broadcast, rewritten, or redistributed.)