Chevron Oil profits beats Wall Street forecasts
Published April 29th, 2007
US oil giant Chevron recorded profits for the first three months of the year that beat Wall Street forecasts, after earnings fell in the previous quarter.
The company cashed in on higher refining margins and fuel prices to earn $4.7bn (£2.35bn), up from $4bn in the same period last year.
This rise included a one-off gain from the sale of a $700m stake in a refinery in the Netherlands.
Chevron’s results echoed Exxon Mobil’s stunning first-quarter performance.
US natural gas and oil prices fell sharply at the beginning of the quarter from their peaks last summer, although subsequently renewed tensions with Iran and fresh concern over gas supplies has seen prices edge back up.
But strong earnings from Chevron’s refining and marketing businesses sent profits higher at the so-called integrated oil firm even as revenue fell 12% to $48.23bn from $54.62bn.
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