Chevron Reports Third Quarter Net Income of $3.77 Billion

Chevron Reports Third Quarter Net Income of $3.77 Billion

Down from $3.83 Billion in Third Quarter 2009Upstream earnings of $3.56 billion decrease $172 million from year earlier
Downstream earnings of $565 million increase $303 million on improved margins

Chevron Corporation (NYSE:CVX) today reported earnings of $3.77 billion ($1.87 per share – diluted) for the third quarter 2010, compared with $3.83 billion ($1.92 per share – diluted) in the 2009 third quarter. Results in the 2009 period included gains of approximately $400 million ($0.20 per share) from upstream asset sales and discrete tax items. Foreign currency effects decreased earnings in the 2010 quarter by $367 million, compared with a decrease of $170 million a year earlier.

For the first nine months of 2010, earnings were $13.73 billion ($6.84 per share – diluted), up from $7.41 billion ($3.71 per share – diluted) in the first nine months of 2009.

Sales and other operating revenues in the third quarter 2010 were $48 billion, up from $45 billion in the year-ago period mainly due to higher prices for crude oil, natural gas and refined products.

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