June 2007 -- While Chevron Corp.'s net income declined in the company's 2006 fourth-quarter, full-year net income grew by 22% over the previous year's figures.
The company reported 2006 fourth-quarter net income of $3.77 billion, a 9% drop versus $4.14 billion in the 2005 fourth-quarter. The decreased earnings were due in significant part to a "sharp decline" in U.S. natural gas prices from a year earlier, Chevron stated.
For the full year of 2006, on the other hand, net income was $17.14 billion, or $7.80 per diluted share, compared with $14.10 billion, or $6.54 per diluted share, in 2005. Income from upstream (exploration and production) was $13.14 billion, while income from downstream activities (refining, marketing and transportation) was $3.97 billion.
Commenting on his company's earnings, Chairman and CEO Dave O'Reilly said, "Earnings for the year were a record for our company, and we operated safely and reliably. Our refineries achieved their highest utilization rate in several years. We also completed the integration of the former Unocal operations and reached a number of milestones during the year on our major capital projects."
