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.

For the first nine months of 2010, earnings were $13.73 billion ($6.84 per share – diluted), up from $7.41 billion ($3.71 per share – diluted) in the first nine months of 2009. Sales and other operating revenues in the third quarter 2010 were $48 billion, up from $45 billion in the year-ago period mainly due to higher prices for crude oil, natural gas and refined products.

“Earnings for the quarter were essentially flat with a year ago, but up sharply for nine months. Operationally, we continue to show gains in upstream production and progress on our downstream restructuring,” said Chairman and CEO John Watson.

Watson added, “We are pleased the drilling moratorium in the Gulf of Mexico has been lifted. We have submitted one deepwater drilling permit application and plan to submit several additional applications over the next few months. We look forward to the timely approval of our drilling permits and to getting back to work as soon as possible.”

Watson continued, “During the third quarter, we added exploration prospects in China, Liberia and Turkey, while we continued our exploration success in Australia. We also recently announced that we are moving forward with development of the Jack/St. Malo project in the deepwater U.S. Gulf of Mexico.”

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Source: Chevron, October 29, 2010