USA: Chevron Reports Third Quarter Net Income of $3.77 Billion, Down From $3.83 Billion in Third Quarter 2009

Chevron Corporation 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.

* Upstream earnings of $3.56 billion decrease $172 million from year earlier

* Downstream earnings of $565 million increase $303 million on improved margins

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Source: Chevron, October  29, 2010;