Chevron Income Boosted by Higher Natural Gas, Oil Prices
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Chevron Corp.’s third-quarter earnings rose on higher natural gas and oil prices, as well as improved West Coast refinery margins.
San Francisco-based Chevron, the nation’s third-largest oil company, said income from operations doubled because of higher natural gas prices, cost-cutting and improved refining profits.
Net income was $378 million, or $1.11 a share, because one-time charges from foreign currency exchange losses and restructuring costs offset gains from asset sales.
Last year, net income for the quarter was $313 million, or 90 cents a share, because one-time gains from asset sales and tax benefits offset environmental and litigation charges.
Revenue for the quarter was $11.1 billion, up 11% from $10 billion a year earlier.
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