ChevronTexaco profit more than doubles [View All]

[UpInArms]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/07/31/BUG1C80JGT1.DTL

ChevronTexaco Corp., benefiting from the continuing surge in oil and gas prices around the globe and some one-time gains, posted a huge jump in earnings in the second quarter.

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"This was an absolute blowout quarter," said George Gaspar, an analyst for Robert W. Baird & Co., who owns no shares of ChevronTexaco. "I don't think there's any other way to describe it."

The company's bottom line was boosted in part by a $585 million gain from the sale of some Canadian assets and a $255 million benefit from income-tax law changes in connection with some of its international properties.

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The company benefited from an increase in the average price for U.S. crude oil and natural gas liquids, which shot up nearly 30 percent from a year ago, to $32.68 per barrel in the second quarter. The average price in international markets jumped 35 percent to $32.48 per barrel.

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Chairman and Chief Executive Officer Dave O'Reilly said he is pleased with ChevronTexaco's results, which have topped analysts' expectations for six straight quarters. "This performance has significantly improved our company's financial strength," he said in a statement.

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http://aztlan.net/oiltanker.htm

Condoleezza Rice was a Chevron Director from 1991 until January 15, 2001 when she was transferred by President George Bush Jr. to National Security Adviser. Previously she was Senior Director, Soviet Affairs, National Security Council, and Special Assistant to President George Bush Sr. from 1989 to 1991.

Another Chevron Corporation giant in the Bush administration is Vice President Dick Cheney. Vice President Cheney was Chairman and Chief Executive of Dallas based Halliburton Corporation, the world’s largest oil field services company with multi-billion dollar contracts with oil corporations including Chevron. Lawrence Eagleburger, a seasoned Bush counselor who held top State Department posts under George Bush Sr., is a director of Halliburton Corporation.

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