Chevron Doubles Third-Quarter Earnings While Producing Less, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — On October 31, Chevron Corporation (NYSE:CVX) (San Ramon, California) announced earnings for third quarter 2008. As is becoming a standard story for petroleum-production companies, 3Q08 brought significantly higher earnings compared to last year. Chevron reported a net income of $7.89 billion for the quarter, more than doubling 3Q07′s net income of $3.72 billion. Oil-equivalent production was actually down from last year by 150,000 barrels per day. Higher prices of oil and natural gas helped bring strong income and offset the estimated $400 million of expenses caused by Hurricanes Gustav and Ike. Industrial Info is currently monitoring more than $19.5 billion of Chevron’s projects scheduled to kick off between now and the end of 2009 in the U.S., Canada, and Australia.
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SOURCE: Industrial Info Resources