Chevron Q4 profit jumps on cost cuts; one-time tax gain of $2 billion

HOUSTON, Feb 2 (Reuters) - U.S. oil producer Chevron Corp said on Friday its quarterly profit jumped more than seven-fold due to cost cuts and rising crude prices.

The company posted fourth-quarter net income of $3.1 billion, or $1.64 per share, compared to $415 mnillion, or 22 cents per share, in the year-ago quarter.

Chevron saw a $2 billion non-cash benefit related to the recent U.S. tax overhaul. Production rose 3 percent to 2.7 million barrels of oil equivalent per day.

Mike Wirth became Chevron's chairman and chief executive on Thursday, replacing the retiring John Watson. (Reporting by Ernest Scheyder Editing by Chizu Nomiyama)