Chevron Q4 Profit Jumps on Cost Cuts, Tax Gain
U.S. oil producer Chevron Corp said on Friday its quarterly profit jumped more than seven-fold due to cost cuts and rising crude prices.
The company posted fourth-quarter net income of $3.1 billion, or $1.64 per share, compared to $415 mnillion, or 22 cents per share, in the year-ago quarter.
Chevron saw a $2 billion non-cash benefit related to the recent U.S. tax overhaul. Production rose 3 percent to 2.7 million barrels of oil equivalent per day.
Mike Wirth became Chevron's chairman and chief executive on Thursday, replacing the retiring John Watson.
Reporting by Ernest Scheyder
