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High Fuel Prices Boost Texaco, Chevron Profits

July 25, 2001

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Texaco and Chevron, expected to merge later this year, reported healthy profit increases in their refining and marketing operations due to bigger profits on fuel and other refined products.

Chevron posted second quarter net income of $1.32 billion, up from $1.12 billion the same period last year. Excluding special charges, operating earnings were up 21%. Second quarter 2001 revenues were $13 billion, down slightly from last year.
Exploration and production revenues were up 9%, primarily because of higher natural gas prices and higher crude oil production. A slight increase in refining, marketing and transportation revenues was due to higher prices for refined petroleum products.
The company said exploration and production continues to be the major contributor to overall profits, but the earnings improvement was largely driven by the “downstream” sector (refining, marketing and transportation).
Texaco’s second quarter income before special item was $817 million, compared to $641 million in second quarter 2000. Net income was $784 million compared to $625 million a year ago. Revenues were $12.9 billion, compared to $12.1 billion.
Operating income from exploration and production was $411 million compared to $393 million last year. Most of the increase was attributed to higher natural gas prices. Operating income from refining, marketing and distribution was a record $196 million, compared to $80 million for the same period last year.
Both companies said they are still in discussions with the Federal Trade Commission regarding the proposed merger but expect the deal to close in October, as originally planned.

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