Chevron Income Boosted by Higher Natural Gas, Oil Prices

Chevron Corp.’s third-quarter earnings rose on higher natural gas and oil prices, as well as improved West Coast refinery margins.

San Francisco-based Chevron, the nation’s third-largest oil company, said income from operations doubled because of higher natural gas prices, cost-cutting and improved refining profits.

Net income was $378 million, or $1.11 a share, because one-time charges from foreign currency exchange losses and restructuring costs offset gains from asset sales.

Last year, net income for the quarter was $313 million, or 90 cents a share, because one-time gains from asset sales and tax benefits offset environmental and litigation charges.

Revenue for the quarter was $11.1 billion, up 11% from $10 billion a year earlier.