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Chevron profits more than double Chevron profits more than double
(10 minutes later)
US oil group Chevron has seen its latest profits more than double, buoyed by record crude prices.US oil group Chevron has seen its latest profits more than double, buoyed by record crude prices.
Reporting its third-quarter results for the July to September period, Chevron made a net profit of $7.89bn (£4.9bn), up from $3.72bn a year earlier.Reporting its third-quarter results for the July to September period, Chevron made a net profit of $7.89bn (£4.9bn), up from $3.72bn a year earlier.
With global oil prices hitting a record $144 a barrel in mid-July, before falling back to about $64, the firm's revenues were up 43% to $78.9bn.With global oil prices hitting a record $144 a barrel in mid-July, before falling back to about $64, the firm's revenues were up 43% to $78.9bn.
Chevron's output fell 6% because of last month's Gulf of Mexico hurricanes.Chevron's output fell 6% because of last month's Gulf of Mexico hurricanes.
Both Hurricanes Gustav and Ike forced Chevron and other oil firms operating in the region to temporarily evacuate staff.Both Hurricanes Gustav and Ike forced Chevron and other oil firms operating in the region to temporarily evacuate staff.
'Tight control'
Chevron's results were better than market expectations.Chevron's results were better than market expectations.
Wall Street had only expected profits of $6.55bn.
The firm said it was also lifted by increased cost-cutting work.The firm said it was also lifted by increased cost-cutting work.
"Our disciplined capital spending and tight control over costs remain extremely important in today's uncertain economic climate," said chief executive Dave O'Reilly."Our disciplined capital spending and tight control over costs remain extremely important in today's uncertain economic climate," said chief executive Dave O'Reilly.