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Chevron .... riding high on lower crude prices.

Chevron net income surges to $5.6bn

NEW YORK, November 1, 2014

Chevron Corporation has posted a higher-than-expected quarterly profit as lower crude prices boosted its refinery operations, helping to offset sagging oil and gas production.

The company posted third-quarter net income of $5.59 billion, or $2.95 per share, compared with $4.95 billion, or $2.57 per share, a year earlier.

Analysts on average expected earnings of $2.55 per share, according to Thomson Reuters I/B/E/S.

Production fell nearly one per cent to 2.57 million barrels of oil equivalent per day as new wells failed to offset declines at old ones.

The company's downstream unit, which owns refineries throughout the world, posted a nearly fourfold jump in profit to $1.39 billion as the cheaper crude oil prices boosted margins.-Reuters
 




Tags: Crude | Chevron | Net Income |

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