Chevron's third-quarter profit more than doubled, easily beating Wall Street forecasts as high oil prices and healthy margins at its refineries boosted its bottom line, the oil major said on Friday.
Net profit was $7.9 billion, or $3.85 per share, compared with $3.7 billion, or $1.75 per share, in the same period a year before. Revenues rose 43 percent to $78.9 billion.
Analysts had expected the second-largest U.S. oil company to report a net profit of $6.55 billion, or $3.27 per share, on revenue of $89.4 billion, according to averages on Reuters Estimates.
The results come one day after larger rival Exxon Mobil also beat estimates with another record quarterly profit on Thursday, due to higher exploration and production profits and improved refining margins.
Exxon also said output should increase in 2009, and plans to stick with its current capital expenditure plans.
Chevron's third-quarter capital expenditures rose to $5.5 billion from $5.2 billion a year earlier. Common stock buybacks in the quarter totaled $2 billion.