Surge in Refining Profit Helps Lift ChevronTexaco Net 33%And now...the insider who CheveronTexaco can thank...let's bring 'er on!
First-quarter profit jumped 33% at ChevronTexaco Corp. (CVX, news) (CVX, news) as refining profit soared from a year earlier.
The oil and natural-gas company Friday reported net income of $2.56 billion, or $2.40 a share, up from $1.92 billion, or $1.81 a share, a year earlier.
The latest results included what the company called "special" charges of $55 million and income of $34 million, or three cents a share, from assets that were classified as discontinued operations because of their pending sale. The year- earlier period included "special" charges of $39 million and charges of $196 million, or 18 cents a share, for the adoption of new accounting standards.
Revenue climbed 9.1% to $33.57 billion from $30.76 billion.
Profit from U.S. refining and marketing operations jumped almost fourfold to $ 276 million from $70 million last year. ChevronTexaco (CVX, news) cited an increase in refined-product margins, higher sales volumes and lower operating expenses.
FLASHBACK: January 16, 2001:Why don't y'all take a little drive on over to D.C. and let her know how ya feel? Hah?
CONDOLEEZZA RICE, NEWLY NAMED NATIONAL SECURITY ADVISER, RESIGNS FROM CHEVRON CORPORATION'S BOARD OF DIRECTORS
SAN FRANCISCO, Jan. 16, 2001 -- Condoleezza Rice, a Chevron Corp. director since 1991, resigned from the company's board, effective Jan. 15. Rice was named President-elect George W. Bush's national security adviser-designate.
"Condi is extraordinarily capable," said Chairman Dave O'Reilly. "Her leadership skills and breadth of experience in government, academia and business have been a tremendous asset to Chevron and will serve her well in the new administration."
For the past two years Rice chaired the board's Public Policy Committee.