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SAN RAMON, Calif. -- For the third quarter of 2006, Chevron Corp. reported a net income of $5 billion, an increase of 40 percent from the $3.6 billion recorded for the third quarter in 2005, due in part to increased refining margins.
"Downstream profits increased to $1.4 billion in the third quarter, driven by higher utilization of our U.S. refineries and improved refined-product margins in most of our areas of operation," said chairman and CEO Dave O'Reilly. Its refinery network was operating close to capacity for the quarter, the company reported.
Profits for the company totaled $1.3 billion in the U.S. alone, and $2.2 billion for international operations, both up 5 percent from last year.
The earnings increase was due to higher crude oil prices, an increase in oil-equivalent production and an expense reduction associated with hurricanes in 2005
"Our strong performance this year has allowed us to invest $11.5 billion in our excellent queue of projects, which are targeted to increase energy supplies," O'Reilly said. "Our company's focus on operational excellence and capital investment discipline continues to be key to our success."