Profits of crude oil giant Chevron has declined by 37%
The profits of one of the largest oil companies in the world – U.S. Chevron, declined by 37% annually during the last quarter of 2009 This is due to its subsidiaries in the refining of crude oil and marketing activities that go on in loss the end of last year. Poor results of their operations offset a rise in revenue from the sale of crude oil and natural gas, sent Wall Street Journal. Second largest market capitalization of its U.S. oil company after Exxon Mobil, reported a profit of 3.07 billion dollars or 1.53 dollars per share for the three months to the end of December 2009 over the same period of 2008, Chevron had a net profit of 4.9 billion dollars or 2.44 dollars per share. The revenues of oil giant increased by 7.7% yoy to 48.68 billion dollars. The financial results of the California-based company, however, did not respond to the expectations of analysts for earnings per share of 1.70 dollars for the last quarter of 2009. Shares of Chevron risen by 0.2 percent to 73.37 dollars about two and a half hours after the start of today’s session of the New York Stock Exchange.
For the past 12 months its market capitalization grew by 4 percent to 147.3 billion dollars.
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