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Latest Business News

Chevron's 3Q Profit Hurt by Storm Damage

Friday, October 28, 2005 3:43:13 PM
By MICHAEL LIEDTKE

 In a file photo smoke rises from a ChevronTexaco refinery in Richmond, Calif., on Tuesday, July 26, 2005.  Chevron Corp., the nation's second-largest oil company, said Friday, Oct. 28, 2005, its third-quarter profit climbed 12 percent, but would have been much higher if not for production losses caused by hurricanes and other storms that damaged its Gulf of Mexico operations.   (AP Photo/Noah Berger)SAN RAMON, Calif. (AP) - Chevron Corp., the nation's second-largest oil company, joined in its industry's third-quarter earnings boom, but didn't capitalize on soaring fuel prices as much as some rivals because Hurricane Katrina and other devastating storms crippled its Gulf of Mexico operations.

The San Ramon-based company said Friday it made $3.6 billion, or $1.64 per share, during the three months ended in September. That represented a 12 percent increase from net income of $3.2 billion, or $1.51 per share, in the same quarter last year.

Revenue for the period totaled $54.5 billion, a 34 percent increase from $40.7 billion last year.


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