Several Big Oil Companies Report Gains
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Lower prices for gasoline and other refined products offset big gains from higher oil prices in the third quarter, a number of major U.S. oil companies said Monday.
Chevron, which saw big gains in its oil production unit, said profit rose 29% not counting special items that depressed last year’s results.
The San Francisco-based company reported third-quarter profit of $655 million, more than double the $282 million earned in the same period of 1995.
Earnings for the three months ended Sept. 30 amounted to $1 per share, up from 44 cents per share in 1995.
The results were slightly above estimates, but Chevron shares fell 12.5 cents to close at $67.25 on the New York Stock Exchange.
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