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Chevron Doubles Third-Quarter Earnings While Producing Less, an Industrial Info News Alert

November 3, 2008

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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Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to oilandgasproductiongroup@industrialinfo.com or visit our website at www.industrialinfo.com.

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SOURCE: Industrial Info Resources




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