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Chevron’s Gain Portends Strong Earnings Season for Oil: Energy

Chevron Corp.’s forecast for “notably higher” quarterly profit bodes well for competing international energy producers also grappling with oil-production and refining challenges.

Chevron’s fourth-quarter earnings exceeded the third quarter on higher oil prices and better performance from its refining business, according to an interim results statement from the San Ramon, California-based company yesterday. Increased sales of crude from storage tanks and pipeline terminals and a $1.4 billion gain from a gas-field swap in Australia also contributed, Chevron said.