Chevron 4th-Quarter Profit Rises on Record Oil Prices

Feb. 1 (Bloomberg) — Chevron Corp., the second-largest U.S. oil company, said fourth-quarter profit rose 29 percent as crude prices climbed to a record on their way to topping $100 a barrel last month.

Net income increased to $4.88 billion, or $2.32 a share, from $3.77 billion, or $1.74, a year earlier, San Ramon, California-based Chevron said today in a statement. The company was expected to earn $2.29 a share, the average of 17 analyst estimates compiled by Bloomberg.

Chevron had its biggest fourth-quarter profit gain in three years as global crude demand expanded faster than output from new wells. Chief Executive Officer David O’Reilly plans to spend almost $50 million a day on the search for untapped reserves this year, a 31 percent increase from 2007.

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