Chevron Financial Report / Chevron Financial Statement
Chevron had its Earnings Conference call today at 11 AM ET to discuss its 3rd quarter earnings FY 2008.
Chevron reported a net income of $7.9 billions, compared to $3.7 billion earned the 3rd quarter lat year. The companies upstream revenues (from exploration and production) increased significantly due to higher prices. The downstream revenues ( refining) also increased due to better margins. Upstream income suffered a $400 million loss due to shut down of refineries as a result of hurricanes.Chevron Third Quarter Financial Statement
In a forward looking statement, O'Reilly - CEO and Chairman commented that in uncertain economic conditions, disciplined capital spending and tight control over costs, along with strong balance sheet, enables Chevron to invest in attractive projects that increase the production of oil and gas and improve the efficiency of its refinery network.
In abroad:
Chevron's Kazakhstan affiliate - 50% owned Tengizchevroil will increase crude oil production to 540,000 from the previous 400,000 barrels per day.
The offshore field in Nigeria is expected to achieve a 250,000 barrel per day by end of 2009, from the present average of 100,000 barrels.
Below is the consolidated Statement of Income for Chevron Corporation:
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