A refresher course right after this late-breaking business story...
Surge in Refining Profit Helps Lift ChevronTexaco Net 33%
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.
And now...the insider who CheveronTexaco can thank...let's bring 'er on!
FLASHBACK: January 16, 2001:
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.
Why don't y'all take a little drive on over to D.C. and let her know how ya feel? Hah?
