Chevron Reports Third Quarter Earnings of $1.87 Per Share

Chevron Corp. (CVX) reported earnings of $1.87 for the quarter, down from $1.92 a year earlier. The 2009 results were boosted by upstream asset sales and discrete tax items.

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.

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Earnings for the first nine months of 2010 were $6.84 per share, compared with $3.71 per share for the first nine months of 2009.

"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.
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