* Q4 earnings per share ex-items $3.27 vs Street view $3.03
* Q4 output rises to 2.67 mln barrels per day
* Shares up 0.4 pct in premarket trading
Feb 1 Chevron Corp posted a
larger-than-expected rise in quarterly profit on Friday as its
refining arm managed to improve earnings despite a fire that
crippled the company's oldest refinery last August.
The second-largest U.S. oil producer said fourth-quarter net
income rose to $7.2 billion, or $3.70 per share, from $5.1
billion, or $2.58 per share, a year earlier.
The results included a gain of $1.4 billion from a deal with
Royal Dutch Shell Plc, announced in August, in which
Shell swapped interests in two fields off Australia for
Chevron's holdings in the Browse liquefied natural gas project
Leaving out one-time items, Chevron earned $3.27 per share,
topping analysts' average estimate of $3.03, according to
Thomson Reuters I/B/E/S.
Shares of Chevron rose 0.4 percent to $115.64 in premarket
Including the asset swap gain, earnings in the oil and gas
production business rose 20 percent to $6.9 billion, and
refining operations posted a profit of $925 million, compared
with a loss of $61 million a year before.
Chief Executive John Watson said the company has now led the
industry in earnings per barrel from oil and gas production for
three years. "Our downstream businesses also delivered highly
competitive earnings per barrel," he said in a statement.
Fourth-quarter upstream production was 2.67 million barrels
of oil equivalent per day, up from 2.64 million bpd a year
Increasing output from the wellhead has been a struggle this
year for Chevron and for Exxon Mobil Corp, Shell
and ConocoPhillips. Shares of Conoco fell on
Thursday after its production outlook disappointed investors.
Chevron is still trying to get its Richmond refinery in
California recovered from the fire that damaged its crude unit,
which is expected to be fixed this quarter. The state's
workplace safety regulators slapped a record fine on Chevron on
Wednesday in connection with the accident.