Chevron posts record earnings

Chevron Corp said on Friday that record oil prices drove second-quarter earnings up 11 percent to its highest-ever profit, but weak margins from gasoline production led to a big loss at its refining operations.

U.S. oil prices averaged slightly less than $125 a barrel in the quarter, nearly double prices from a year earlier. But gasoline prices only rose 25 percent during that same period, resulting in weak profit margins for the fuel.

Chevron, the second largest U.S. oil company, said net income rose to $5.98 billion, or $2.60 a share, from $5.38 billion, or $2.52 a share, last year.

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- Posted: 2008-08-01 09:25:20

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