Chevron Corp. (NYSE: CVX) has posted strong earnings today, although there are some mixed operational numbers that might bring at least some pause for shareholders.
Higher oil prices are finally generating higher profits for oil behemoths. Chevron has posted $2.32 diluted earnings per share, beating First Call’s estimates of $2.26. Their revenues were an impressive $61.41 billion, up more than 28% from last year.
While the surge in oil prices drove their profits in the E&P segment, their downstream operations were down 79%, or as the CEO said, “off sharply” due to unplanned refinery maintenance and costs.
CVX shares were initially up 2% in pre-market trading, but shares are back closer to flat at $83.30 in the first 30-minutes of trading.
Jon C. Ogg
February 1, 2008
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