Chevron Profits Rise Amid Oil Downturn

Chevron Corp. saw its third quarter net income rise for the first time in three years as refining oil into fuels helped returns as the market struggles with the worst crude market of the decade.

According to Bloomberg:

Chevron more than tripled its profit from making gasoline, diesel, kerosene and other fuels by pushing more crude through its refineries as costs to acquire oil tumbled. In the U.S., the company’s plants processed enough crude during the quarter to fill 42 supertankers, helping make up for lower profit and production from its oil and natural gas wells.

Net income rose to $5.59 billion, or $2.95 a share, from $4.95 billion, or $2.57 a share, San Ramon, California-based Chevron said in a statement today. Excluding one-time gains and losses, the per-share result was 43 cents more than the $2.52 average of 20 analysts’estimates compiled by Bloomberg.

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