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Record income at Chevron-Texaco
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By Sheila McNulty in Houston
Published: April 30 2004 14:27 | Last Updated: April 30 2004 21:07

ChevronTexaco, the second-biggest oil and gas company in the US, on Friday reported record first-quarter net income - $2.56bn, or $2.40 a share, up 33 per cent on the year.

The record figures continue a trend among the company\'s peers. The industry has profited from high oil and natural gas prices, as well as increased demand and better margins for refined products and chemicals.

\"All of ChevronTexaco\'s business segments were better than we had modelled,\" said Michael Mayer at Prudential Financial. He had forecast earnings per share of $2.05, and the consensus estimate of analysts was $2.02 per share.

ChevronTexaco\'s share price rose $2 to $92.4 in midday trading. Dave O\'Reilly, ChevronTexaco chairman and chief executive, said: \"All of our major businesses contributed to an excellent first quarter, with profits that helped us achieve a 17 per cent return on capital employed for the past 12 months.\" Revenue increased 9.1 per cent to $33.57bn.

The company put its strong gains into improving its balance sheet, ending the first quarter with a debt ratio of 25 per cent, down from 32 per cent a year ago. It had nearly $6bn in cash at the end of the first quarter.

In the exploration and production segment, ChevronTexaco\'s income rose slightly, to $1.95bn. But earnings in its downstream, or refining and marketing segment, were $640m, up sharply from $354m.

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