Chevron reports record profit on oil prices
Submitted by William Kaelin on Fri, 10/31/2008 - 21:42.
The second largest US oil company Chevron on Friday reported record third quarter profits as it benefited from high oil prices.
Profits nearly doubled to 7.9 billion dollars, the San Ramon, California-based firm said. Revenue rose 43 per cent to 78.9 billion dollars.
Chevron joins the other energy companies that have reported record profits this month. Rival ExxonMobil recorded the largest quarterly profit in US history at 14.8 billion dollars.
Chevron did however lose 400 million due to hurricanes in September in the Gulf of Mexico as production fell 6 per cent.
Oil prices reached a record high in mid-July of nearly 150 dollars per barrel, since them prices have retreated to about 65 dollars per barrel.
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