Chevron Keeps Delivering

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Chevron Keeps Delivering

By Zacks Investment Research on November 1, 2008 | More Posts By Zacks Investment Research | Author's Website

Chevron (CVX) continued the dream run of oil majors this quarter, doubling its profit in comparison with the same quarter last year. However, the fourth-quarter forecast does not look so rosy with oil prices tumbling by more than 50% from its $147 perch. Thus, in spite of impressive results, the stock is down 47 cents at NYSE since the opening bell.

The company’s net income climbed to $7.89 billion, or $3.85 a share, from $3.72 billion, or $1.75, a year earlier. The figure beat estimates by around 52 cents. One-time charges on divestiture gains and damage from hurricanes cost the company a margin of 9 cents a share.

Chevron’s third-quarter revenue was up 42% to $76.2 billion in spite of a decline in output for the eighth consecutive quarter.

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