Chevron Corp’s quarterly profit increased by 13%, because low oil prices have caused growth of refining, which compensated poor results in the oil and gas production subdivisions.
The company’s net profit totaled $5.59 billion or $2.95 per share against $4.95 billion or $2.57 per share a year earlier.
The analysts questioned by Reuters expected profit of $2.55 per share.
The production decreased by 1% to 2.58 million barrels of oil equivalent a day, because the new fields failed to compensate production decline on the old ones.
The refining subdivision, which is in charge of the company’s oil refineries throughout the world, increased profit by almost a quarter up to $1.39 billion owing to reduction of oil price, reported http://ru.reuters.com.
