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Chevron Profit Rises Despite Refinery Fire

Reuters With CNBC.com
Friday, 1 Feb 2013 | 9:21 AM ET
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Chevron posted a rise in quarterly profit on Friday as its refining arm managed to improve earnings despite the crippling of the company's oldest refinery last August by a fire.

Following the earnings report, Chevron stock ticked slightly higher in pre-market trade. (Click here to track the company's shares following the earnings report.)

The second-largest U.S. oil producer said fourth-quarter net income rose to $7.2 billion, or $3.70 per share, from $5.1 billion, or $2.58 per share, a year earlier.

Revenue increased to $60.55 billion from $59.99 billion a year ago.

Analysts had expected the company to report earnings of $3.03 a share on $68.64 billion in revenue, according to a consensus estimate from Thomson Reuters.

The latest results included a gain of $1.4 billion from an asset exchange. Including that gain, earnings in the oil and gas production business rose 20 percent to $6.9 billion, and refining operations posted a profit of $925 million, compared with a loss of $61 million a year before.

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