Chevron Reports Third Quarter Earnings of $1.87 Per Share
Sales and other operating revenues were $48 billion in the third quarter of 2010, compared with $45 billion a year earlier, the company said in a statement. The increase was largely due to higher prices for crude oil, natural gas and refined products.
"Earnings for the quarter were essentially flat with a year ago, but up sharply for nine months. Operationally, we continue to show gains in upstream production and progress on our downstream restructuring," CEO John Watson said.
Chevron will begin repurchasing common stock in the fourth quarter. The repurchase program targets a repurchase rate of $500 million to $1 billion a quarter.