Chevron Corp.’s third-quarter profit rose 40%, spurred by higher oil prices and a massive jump in earnings from its refining and marketing segment.
The San Ramon, Calif., energy company said net income rose to $5.02 billion, or $2.29 a share, from $3.59 billion, or $1.64 a share, a year earlier. Revenue fell 1% to $51.69 billion from $52.19 billion; the number excludes excise taxes.
In what has become a familiar theme this earnings season for the major U.S. crude-oil and natural-gas companies, Chevron Friday said earnings at its refining and marketing division more than doubled to $1.4 billion.
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