Chevron Chugs Along - Forbes.com
Home Business Tech Markets Entrepreneurs Leadership Personal Finance ForbesLife Lists Opinions Video Blogs E-mail Newsletters People steamboat travel along the misssissippi river Tracker Portfolio sing along games for playstation Tracker Special Reports Commerce Energy pregnancy weeks along Health Care Logistics Manufacturing Media Services Technology Wall Street Washington CIO Network Enterprise Tech Infoimaging Internet Infrastructure Internet Personal along came polly soundtrack Tech Sciences Security Wireless Bonds Commodities Currencies Economy Emerging Markets Equities Options Finance Human Resources Law & Taxation Sales & Marketing Management Technology Careers Compensation Corporate Citizenship Corporate Governance Managing Innovation CEO Network Reference ETFs family violence along with drug use Guru Insights Investing Ideas Investor Education Mutual Funds Philanthropy Retirement & College Taxes & Estates Collecting Health Real Estate Sports Style Travel Vehicles Wine & Food 100 Top animal sing along book printable lyrics Celebrities 400 Richest goods exported along the silk road Americans Largest Private Cos World's Richest People All grow old along with me Forbes Lists Business Opinions Investing Technology Opinions Washington & The World Companies People Reference Technology Companies Events People Reference Companies People Companies Events People salt water intrusion along the coast Reference Companies who do pisces get along with Events People Reference
E-Mail | Print | Request Reprints | E-Mail Newsletters | RSS
Market Scan
Chevron Chugs Along
Ruthie Ackerman, 08.01.08, 6:00 PM ET
Although soaring crude prices pushed profit higher in the second quarter for Chevron, they also cut into its earnings in the form of lower refining margins.
The problem: Chevron doesn't produce enough oil to animal sing along book lyrics meet its refining needs, which means it has to buy current traveling weather along i-40 some oil on the open market. Yet the company isn't able to buckthorn infestation in minnesota along mississippi raise the prices of gasoline as fast as crude prices are rising.
With oil prices having risen faster, until recently, than the retail price of gasoline, refiners have suffered. Through June, oil prices were up almost 60% on the year, while gasoline prices had risen only 30%.
Chevron (nyse: CVX - news - people ) shares dipped 0.1%, or 11 cents, to $84.45 at the close on statue along rhein river Friday. The company reported its second-quarter profit how to get along with inlaws jumped along came a spider to $5.98 billion, or $2.90 per share, during the three months ended June 30, vs. income of $5.38 billion, or $2.52 per share, a year earlier, missing analysts' expectations of $3.03 per share.
Revenue soared to $82.9 billion from $56.1 billion a year ago, but well short of analysts' forecasts of $92.4 billion.
Chevron isn't the only integrated oil company in pain from the tight reading along highlighted for preschools refining situation. Exxon Mobil castles along the rhein river (nyse: XOM - news - people it was earth all along ), which announced its second-quarter earnings on Thursday, saw its exploration and production thomas take along popcorn earnings soar, while its refining results tumbled. (See "Exxon Shares Slip") Chevron's exploration and production arm's income nearly double from a year ago to $7.3 billion. But the company's refining small costal towns along east coast and sales division swung getting along with people to a ride along dogs loss of $734 million in the quarter, down from strung along $1.3 billion a year ago.
Conoco Phillips, BP and Royal Dutch Shell also experienced similar results.
On Thursday, Marathon Oil announced it was thinking about splitting itself into two separate companies after it reported its second-quarter profit farther along tumbled almost 50% from the prior year on lower refining endometriosis along abdominal scar and marketing margins. (See Marathon Oil May Do The Splits) The integrated oil company doesnt want its exploration and production units to be dragged down by its refining and marketing segments.
On Tuesday, refiner Valero Energy reported its profit tumbled 67.0% in the second-quarter. (See Valero plants along ca beaches Hurt By High Oil Prices)
Reuters contributed to this article.
Street's Volatile Week
Read All Comments
Have a question? tag along trailer Ask our community of experts here.
More On This Topic
Chevron Move Threatens Gorgon Project
Chevron: New LNG Plants Could Doom Another
Un-Lucky Strike For Oil
Companies: CVX | XOM
Article Controls
E-Mail | Print | all along the watchtower tab Request Reprints | E-Mail Newsletters
del.icio.us | Digg It! stitch along quilt cross stitch | My Yahoo! | Share | RSS
Related Sections
Home > Markets
News Headlines | More From Forbes.com | Special Reports Advertisement: Related Business Topics >
Pos Software
Online Brokers
Subscriptions >
Subscribe To Newsletters
Subscriber Customer bruising along spine Service
ADVERTISEMENT
Related Business Topics
Stocks Financial Services
ForbesLife Executive Woman
more >
What I Wear: Kate Snow
The Good Morning America weekend co-anchor packs for the breaking story.
Content Management Software
Email Marketing virgina coalition sing along Software
Project Management Software
Accounting Software
eCommerce Software
Help Desk Software
>> Browse All Directories
Trading Center
Brought to you by bypass door catch pull along hardware the sponsors below
CEO Book Club
Author Q & A
Tony Horwitz Book Review
Black's Humor
David K. Randall
Comedian Michael Ian Black's debut book contains a blue man group sing along few comedic gems.
Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes.com Mobile RSS Reprints/Permissions Subscriber Services Privacy Statement Terms, Conditions and Notices American History Polska
Luxury Cars
Luxury Travel
Oracle DBA by |
|
|