Chevron reports record net second quarter income

Petroleum News Alaska Staff

Chevron Corp. reported July 25 that it had record net income of $1.116 billion ($1.71 per share diluted) fort he second quarter 2000, compared with second quarter 1999 net income of $350 million (53 cents per share diluted). Excluding charges of $25 million for special items in the 2000 quarter, the company said, earnings on an operational basis were $1.141 billion ($1.75 per share diluted) reaching record levels for the second consecutive quarter and more than doubling last year’s quarterly results.

“For the first time in our company’s history,” said Chairman and CEO Dave O’Reilly, “we’ve earned more than a billion dollars in consecutive quarters. These results helped increase our return on capital employed for the last 12 months to 16 percent. Although all of our businesses are making strides in improving profitability, the company’s outstanding financial performance this year primarily reflected the strength of our exploration and producing operations.

O’Reilly said improvement in upstream earnings reflected both higher prices for crude oil and natural gas, and growth in the company’s worldwide production.