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Chevron posts record $4.1B income

July 30, 2004

NEW YORK (Reuters) - ChevronTexaco Corp. said Friday quarterly earnings more than doubled thanks to higher energy prices and some one-time gains, though asset sales cut into oil and gas production.

The San Ramon, Calif.-based company said net income rose to a record $4.1 billion, or $3.88 a share, in the second quarter, from $1.60 billion, or $1.50, in the year-earlier period.

Excluding a $585 million gain from the sale of Canadian properties and $255 million from international income tax benefit, the No. 2 U.S. oil company earned $3.09 a share. Second-quarter results also include $45 million in foreign exchange gains.

Results in the year-earlier period were hurt by $157 million of foreign exchange losses and $117 million in one-time charges.

Analysts on average expected ChevronTexaco to earn $2.70 a share, according to Reuters Estimates.

Quarterly sales and other revenue surged 26 percent to $37 billion from $29.4 billion, fueled by record prices for oil and gasoline, high natural gas prices and asset sale gains.

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