Chevron profit increase best in class
Sunday, 29 July 2007
NEW YORK, July 28 (Reuters): Chevron Corp. posted a 24 per cent increase in second-quarter net income, the best among the world's biggest oil companies, because of record gasoline prices and the sale of a stake in Dynegy Inc.
Profit rose to $5.38 billion (US), or $2.52 a share, from $4.35 billion, or $1.97, a year earlier, Chevron said yesterday. Net income was the company's highest ever, topping last year's record third quarter.
Chevron resumed output at its third-largest refinery after making repairs, helping CEO David O'Reilly take advantage of record US profit margins on fuel making. A $680 million gain on the May sale of power producer Dynegy made up for lower oil prices and a decline in output, shortcomings that led to a profit decline at Chevron's bigger rival, Exxon Mobil Corp.
Revenue rose 4.8 per cent to $56.1 billion, said Chevron, the second-largest US oil producer.
Shares of Chevron fell $2.26, or 2.6 per cent, to close at $85.20 on the New York Stock Exchange.
Profit rose to $5.38 billion (US), or $2.52 a share, from $4.35 billion, or $1.97, a year earlier, Chevron said yesterday. Net income was the company's highest ever, topping last year's record third quarter.
Chevron resumed output at its third-largest refinery after making repairs, helping CEO David O'Reilly take advantage of record US profit margins on fuel making. A $680 million gain on the May sale of power producer Dynegy made up for lower oil prices and a decline in output, shortcomings that led to a profit decline at Chevron's bigger rival, Exxon Mobil Corp.
Revenue rose 4.8 per cent to $56.1 billion, said Chevron, the second-largest US oil producer.
Shares of Chevron fell $2.26, or 2.6 per cent, to close at $85.20 on the New York Stock Exchange.