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11-01-08
Chevron reaps $7.9 billion in earnings for third quarter
Chevron Corp. on Friday announced earnings of $7.9 billion in the third quarter, capping a week of historic profits for some of the world’s major oil companies.
Net income at the San Ramon, Calif.-based oil giant more than doubled compared with the year-earlier period, to $3.78 a share, fueled by soaring crude prices that shot past $145 a barrel in July. The nation’s No. 2 oil company would have reaped even fatter profits if not for hurricanes Ike and Gustav.
Storm-related shutdowns at Chevron’s operation in the Gulf of Mexico helped push down oil and gas production to 2.443 million barrels a day in the third quarter, a decline of 3.7% from the second quarter, which ended in June.
Through the first nine months of the year, Chevron earned $19 billion. It ended the quarter with $10.6 billion in cash on its balance sheet.
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