Chevron Posts $3.8 Billion Profit

Down 2% from last year

Chevron on Oct. 29 reported a quarterly profit of $3.8 billion, down nearly 2% from the same period last year, with the oil giant citing changing foreign currency rates for the loss of earnings.

Sales and other operating revenues in the quarter ending September 30 reached $48 billion, up from $45 billion a year ago, "mainly due to higher prices for crude oil, natural gas and refined products," Chevron said.

Foreign currency rates decreased profit in the last quarter by 367 million dollars, compared with a decrease of $170 million a year earlier.

"Earnings for the quarter were essentially flat with a year ago, but up sharply for nine months," Chevron CEO John Watson said.

Watson praised the lifting of a U.S. moratorium on deepwater drilling in the Gulf of Mexico imposed in the wake of the giant BP oil spill.

"We are pleased the drilling moratorium in the Gulf of Mexico has been lifted. We have submitted one deepwater drilling permit application and plan to submit several additional applications over the next few months.

"We look forward to the timely approval of our drilling permits and to getting back to work as soon as possible."

Copyright Agence France-Presse, 2010

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