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.

Read more

Advertisements

Leave a comment

No comments yet.

Comments RSS TrackBack Identifier URI

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s