Chevron's 2Q Profit Soars 24 Percent

[babylonsister]

Chevron's 2Q Profit Soars 24 Percent
MICHAEL LIEDTKE | July 27, 2007 10:54 AM EST | AP


SAN RAMON, Calif. — Chevron Corp.'s profits surged to a new high during the second quarter as the nation's second largest oil company cashed in on higher gasoline prices and cashed out of a major investment.

The San Ramon-based company said Friday that it earned $5.38 billion, or $2.52 per share, during the three months ended June 30. That compared with net income of $4.35 billion, or $1.97 per share, a year earlier.

The performance outstripped the second-quarter showings of four other major oil companies that released their results earlier this week. Exxon Mobil Corp. and ConocoPhiillips each reported a lower profit, while BP PLC posted a modest earnings increase. Royal Dutch Shell PLC reported an 18 percent earnings increase that was largely propelled by asset sales.

For Chevron, the latest profit represents the most money that company has made in any three-month period during its 128-year history, smashing its previous record of $5.02 billion set in last year's third quarter.

more...

http://www.huffingtonpost.com/huff-wires/20070727/earns-chevron/

[Joanne98]

1. K&R!

[RB TexLa]

2. I'll stick with XOM

[blondeatlast]

3. Can't help but to contrast with this "positive" and skewed economic news from another thread:

"Economy Growth Is Best in a Year" (A whopping 3.4%--except for consumers, and inflation "moderated" except for luxuries like fuel and food...)

Inflation _ outside a burst in energy and food prices_ moderated.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=1450879&mesg_id=1450879

[babylonsister]

4. Yea, tell that to one of the thousands of homeowners about to foreclose. nt

[blondeatlast]

5. Wasn't food and fuel removed from the Consumer Price Index?

I seem to recall that it was--can't for the life of me imagine why... :eyes:

There are simply two economies, one for the wealthiest and another for the workers.

The Dow Jones average simply hasn't any application to the average Joe or Joan, yet it's so important that 2 minutes of every radio newscast is taken up with it.

[mmonk]

6. That's why we fight.