CHICAGO: Chevron Corp., the second-largest US energy company, said that fourth-quarter profit increased 41 percent to a record $7.25bn as it reported stronger refining results and a gain from an Australian natural gas field swap.
Net income rose to $3.70 a share from $2.58, or $5.12bn, a year earlier, the San Ramon, California-based company said.
Chevron’s refining segment returned to profit from a loss a year earlier as rising supplies from US shale formations lowered crude input costs and processing margins climbed 46 percent. Chevron also benefited as crude prices rose in international energy markets.
WP-Bloomberg
