Chevron’s Income Jumps 41 Percent In 4th Quarter
RICHMOND (CBS SF) — Chevron says net income rose 41 percent in the fourth quarter as the company produced more oil and gas, improved performance of its refinery business and realized a gain from swapping assets in an Australian natural gas field.
Chevron Corp. posted net income of $7.2 billion for the quarter on revenue of $60.6 billion. That’s up from $5.1 billion on revenue of $60 billion a year ago.
On a per-share basis, Chevron earned $3.70. Analysts had expected the company to earn $3.07 per share, according to FactSet, but analysts had not factored in the $1.4 billion gain from Chevron’s asset exchange.
Excluding the gain from the asset sale Chevron’s net income rose 14 percent in the quarter.
(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)