SAN RAMON, Calif. – ChevronTexaco Corp.’s third-quarter profit improved by 62 percent as the oil giant continued to cash in the oil-price spikes that are squeezing household and business budgets.
The San Ramon-based company said Friday that it earned $3.2 billion, or $1.51 a share, during the three months ended in September. That compared with net income of $1.98 billion, or $1.01 a share, at the same time in 2003.
The performance continued a recent roll for ChevronTexaco, which is well on its way to the most prosperous year since the company’s inception in 1879.
Like the rest of its industry, ChevronTexaco’s profits are soaring along with oil prices. Driven by worries about the turmoil in Iraq and rising worldwide demand, the cost of crude oil periodically has held above $50 a barrel in recent weeks.
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