Chevron Fourth-Quarter Profit Hits Record as Refining Surges
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Chevron Corp., the second-largest U.S. energy company, said fourth-quarter profit increased 41 percent to a record $7.25 billion as it reported stronger refining results and a gain from an Australian natural gas field swap.
Net income rose to $3.70 a share from $2.58, or $5.12 billion, a year earlier, the San Ramon, California-based company said in a statement today. Chevron was expected to report per-share profit of $3.06, based on the average of 19 analysts’ estimate compiled by Bloomberg. Sales fell 3 percent to $56.3 billion.