Tags: Chevron | Profit | Higher | Oil

Chevron Profit More Than Doubles on Higher Oil Prices

Friday, 28 Oct 2011 09:14 AM

Chevron Corp. said its quarterly earnings more than doubled, beating Wall Street forecasts, as the second-largest U.S. oil company benefited from high oil prices and strong refinery margins.

Chevron's profit rose to $7.8 billion, or $3.92 per share, from $3.8 billion, or $1.87 per share, a year earlier.

Analysts had expected $3.48 a share, according to Thomson Reuters I/B/E/S.

Sales rose 26 percent to $61.26 billion.

Chevron reported 2.6 million barrels of oil equivalent per day (bpd) of output, down from 2.74 million a year-ago.

Benchmark Brent crude averaged $112 per barrel in the quarter, down from $117 in the second quarter but up from $77 a year before.

On Thursday, Exxon Mobil Corp and Royal Dutch Shell Plc reported sharp increases in quarterly profits that came in ahead of analysts' forecasts.

Chevron recorded a one-time gain of about $500 million from the sale of its Pembroke refinery to Valero Energy Corp.

In July, Chevron said a slower Gulf of Mexico project ramp-up and a Thai pipeline problem would trim its 2011 production by about 30,000 bpd.

Chevron shares were down slightly in premarket trading.

© 2017 Thomson/Reuters. All rights reserved.

   
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Chevron Corp. said its quarterly earnings more than doubled, beating Wall Street forecasts, as the second-largest U.S. oil company benefited from high oil prices and strong refinery margins. Chevron's profit rose to $7.8 billion, or $3.92 per share, from $3.8 billion, or...
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2011-14-28
Friday, 28 Oct 2011 09:14 AM
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