Page last updated at 14:15 GMT, Friday, 31 October 2008

Chevron profits more than double

Chevron petrol station
Like all oil firms, Chevron has benefited from recent high prices

US oil group Chevron has seen its latest profits more than double, buoyed by record crude prices.

Reporting its third-quarter results for the July to September period, Chevron made a net profit of $7.89bn (4.9bn), up from $3.72bn a year earlier.

With global oil prices hitting a record $144 a barrel in mid-July, before falling back to about $64, the firm's revenues were up 43% to $78.9bn.

Chevron's output fell 6% because of last month's Gulf of Mexico hurricanes.

Both Hurricanes Gustav and Ike forced Chevron and other oil firms operating in the region to temporarily evacuate staff.

'Tight control'

Chevron's results were better than market expectations.

Wall Street had only expected profits of $6.55bn.

The firm said it was also lifted by increased cost-cutting work.

"Our disciplined capital spending and tight control over costs remain extremely important in today's uncertain economic climate," said chief executive Dave O'Reilly.

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