Chevron Corp. on Friday posted a 12 percent rise in quarterly profit on the back of record oil prices, but damage from recent hurricanes dragged results below forecasts.
Chevron, fresh off a battle to acquire smaller rival Unocal Corp., also warned that hurricane costs would hit results in the fourth quarter. Net income rose to $3.6 billion ($1.64 a share) in the third quarter, compared to $3.2 billion ($1.51) a year earlier. That was below the average forecast of $1.85 a share.
