Chevron Corp. said its earnings rose 79%...
Chevron Corp. said its earnings rose 79% in the final three months of last year, the highest rise since earnings increases created by shortages during the Gulf War.
For the fourth quarter, the nation’s third-largest oil company reported net income was $525 million, or 81 cents per share, compared to earnings of $294 million, or 45 cents per share, in the same period in 1993. Revenue rose 4% to $9.25 billion from $8.91 billion.
For the year, earnings rose to $1.56 billion, or $2.45 per share, from $1.27 billion, or $1.94 per share. Revenues retreated to $35.84 billion, down from $37.08 billion.
Depressed prices for crude oil and refined petrochemical products resulted in higher earnings in the second half of the year. Earnings were reduced by expenses associated with the planned shutdown of the company’s Port Arthur, Tex., refinery.