Bad Economy? Not for Chevron

$8 Billion is a lot of money

Monday, Nov 3, 2008  |  Updated 1:56 PM PDT
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Bad Economy? Not for Chevron

AP

The trial before a nine-member civil jury in the court of U.S. District Judge Susan Illston is expected to last five weeks.

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Chevron Corp. says its third-quarter profit more than doubled on the back of record crude prices this summer.

The San Ramon, Calif.-based company, the second-largest U.S. oil company, said Friday it made $7.89 billion, or $3.85 a share, in the three months ended Sept. 30, versus $3.72 billion, or $1.75 per share, at the same time last year.

Analysts were expecting average earnings of $3.25 per share based on a survey by Thomson Reuters.

Revenue shot up 43 percent to $78.87 billion from $55.2 billion.

Shares in premarket trading fell 14 cents to $74.04.

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