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    Wednesday, August 06, 2008

    Chevron's profit hits record high

    [Record oil prices are boosting the bottom lines of big oil companies like Chevron.]
    Chevron Corp. said Friday its second-quarter earnings soared to a new high, but that wasn’t enough to satisfy investors whose expectations have been raised by the oil industry’s recent run of eye-popping profit. The company’s shares tumbled.

    The San Ramon-based company earned $4.35 billion, or $1.97 per share, for the three months ended in June. That represented an 18 percent increase from net income of $3.68 billion, or $1.76 per share, at the same time last year.

    It marks the company’s largest three-month profit in its 127-year history, eclipsing earnings of $4.14 billion registered in last year’s final quarter after energy prices spiked in the aftermath of hurricanes Katrina and Rita.

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    posted by TheFuriousGourmet | 6:11 AM

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