Chevron’s 1987 profits were up 41% to...

Chevron’s 1987 profits were up 41% to $1.01 billion, compared to 1986, on a 7% rise in revenue. The oil company noted that a significant portion of the increase was due to unusual items. Crude oil prices recovered slightly, and its domestic exploration and production operations were profitable. Chevron’s chemical operations, on the strength of industrywide high demand for industrial chemicals, reported record earnings.