In this Oct. 27, 2011 photo, the signs for two Chevron gas stations across the street from each other are displayed in Miami Lakes, Fla. Chevron Corp.'s quarterly profit more than doubled as a jump in oil prices made up for declining production. (AP Photo/Wilfredo Lee)
In this Oct. 27, 2011 photo, the signs for two Chevron gas stations across the street from each other are displayed in Miami Lakes, Fla. Chevron Corp.'s quarterly profit more than doubled as a jump in oil prices made up for declining production. (AP Photo/Wilfredo Lee)
This Oct. 27, 2011 photo, shows a Chevron gas station in Miami Lakes, Fla. Chevron Corp.'s quarterly profit more than doubled as a jump in oil prices made up for declining production. (AP Photo/Wilfredo Lee)
Chevron Corp.'s quarterly profit more than doubled as a jump in petroleum prices made up for declining production.
Chevron, the second-largest U.S. oil company after Exxon Mobil, said Friday that oil prices soared 41 percent in the U.S. and 47 percent internationally. Natural gas prices also rose.
The third-quarter results mirror other oil giants that reported earlier this week. Despite lower oil production, Exxon Mobil's net income rose 41 percent while profits doubled for BP and Royal Dutch Shell.
Chevron, based in San Ramon, Calif., reported net income of $7.83 billion, or $3.92 per share, for the quarter. That compared with $3.77 billion, or $1.87 per share, a year earlier. Revenue rose 26 percent to $61.3 billion.
Results beat expectations of $3.47 per share but fell short of revenue estimates of $70.4 billion, according to FactSet.
Shares slipped 75 cents to $108.51 in premarket trading.
Increased prices lifted Chevron exploration and production profits 74 percent, even though oil and natural gas production declined 5 percent.
Similarly, higher prices for gasoline, diesel, jet fuel and other petroleum products boosted profits at the company's refineries. Chevron's downstream business, which includes refineries, posted a more than threefold jump in profit.
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