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 SAN RAMON, Calif. (AP) - Chevron Corp. pumped out its third consecutive year of record profits in 2006 despite a fourth-quarter stumble that demonstrated how quickly the oil industry can be tripped up by volatile energy prices largely out of its control.
The San Ramon-based company said Friday that it earned $3.77 billion, or $1.74 per share, during last year's final quarter, a nine percent decrease from net income of $4.14 billion, or $1.86 per share, at the same time in 2005. The earnings were a penny above the average estimate among analysts polled by Thomson Financial.
Despite its first quarterly earnings decline in 18 months, the nation's second largest oil company finished 2006 with a full-year profit of $17.1 billion to smash its previous record of $14.1 billion set in the previous year.
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