June 2008 -- The year 2007 marked another record performance for oil producer Chevron Corp. The company
posted an all-time-high profit of $18.7 billion, or $8.77 per share, compared with $17.1
billion, or $7.80 per share, in 2006.
"Fourth quarter earnings for our upstream business benefited from a significant increase in the
price of crude oil," said Chairman and CEO Dave O'Reilly in a February statement. "However,
downstream profits were off sharply because of planned and unplanned refinery downtime in the
United States, as well as the impact of higher crude-oil costs that were not fully recovered in
the sales price of refined products."
The company recorded revenue of $216.8 billion compared with $205.9 billion in 2006. Worldwide
oil-equivalent production was 2.61 million barrels per day in the fourth quarter 2007, down
42,000 barrels per day from the corresponding 2006 period. Approximately 25,000 barrels per day
of the decline was associated with the impact of higher prices on cost-recovery and variable-
royalty volumes under provisions of certain production contracts outside the United States.
