Chevron net income falls 37% on refining struggles

Chevron said Friday its fourth-quarter net income fell 37% reflecting a loss in its refining unit, while the oil major managed to boost production to compensate for the tough business of making gasoline and heating oil.

Chevron said its profit dropped to $3.07 billion, or $1.53 a share, from $4.9 billion, or $2.44 a share, in the year-ago period.

Analysts expected earnings of $1.66 a share, according to a survey of analysts by FactSet Research.

For the year, the company reported earnings of $10.48 billion, or $5.24 a share, compared to 2008 earnings of $23.93 billion, or $11.67 a share.

Chevron shares rose 48 cents in morning trade.

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- Posted: 2010-01-29 11:22:01

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