Chevron profit up on asset exchange, refineries

Published on NewsOK Modified: February 1, 2013 at 7:07 pm •  Published: February 1, 2013
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NEW YORK (AP) — Chevron Corp. posted a 41 percent gain in net income for the fourth quarter as the company produced more oil and gas, improved the performance of its refinery business and realized a gain from swapping assets in an Australian natural gas field.

Chevron Corp. posted net income of $7.2 billion for the quarter on revenue of $60.6 billion. That's up from $5.1 billion on revenue of $60 billion a year ago.

It was the biggest fourth quarter profit in the company's history. The company's annual profit of $26.2 billion was second only to last year's numbers.

On a per-share basis, Chevron earned $3.70. Analysts had expected the company to earn $3.06 per share, according to FactSet, but analysts had not factored in the $1.4 billion gain from Chevron's asset exchange.

Stacey Hudson, an analyst at Raymond James, estimates the exchange was worth 72 cents per share, which would put Chevron's adjusted earnings 8 cents below what analysts had expected but 40 cents higher than the fourth quarter of last year. Chevron's results were also helped by the sale of the company's fuels marketing operations in the Caribbean.

Excluding the gain from the Australian asset sale Chevron's net income rose 14 percent in the quarter.

Hudson described the results as "solid." Chevron shares rose $1.35 to close at $116.50 Friday.

Chevron's production rose to 2.67 million barrels of oil and gas per day for the quarter, up just slightly from a year ago but up substantially from the 2.5 million the company produced in the third quarter of last year. For the year, Chevron produced an average of 2.64 million barrels per day, down from 2.67 million barrels per day in 2011.



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