ChevronTexaco today reported fourth-quarter net income of $1.7 billion, or $1.63 a share, up from 85 cents a share in the year-earlier period.
The company said its results were helped by strength in its exploration and production businesses, coupled with improvement in its refining and marketing operations.
The results include a net gain of $89 million, as a favorable tax adjustment and asset sales offset severance, restructuring and asset impairment charges.
Analysts had been expecting earnings of $1.59 a share, on average. Total revenue rose 12 per cent to $30 billion.
The oil drilling giant's stock closed yesterday up 58 cents at $87.31.
