NEW YORK (Reuters) – ChevronTexaco Corp. (CVX.N), the No. 2 U.S. oil company, on Friday said quarterly profit nearly doubled, driven by record crude oil prices and soaring refining margins.

The results were well above Wall Street forecasts and capped a record year marked by the highest annual profit in its history, due in large part to the jump in energy prices.

But the company disappointed some with its declining production figures, and its shares fell amid a broader drop in crude prices ahead of Sunday’s OPEC meeting and the Iraq elections.

Oil and gas production fell about 9 percent in the quarter because of properties sold off and from disruptions due to the damage inflicted by Hurricane Ivan in the U.S. Gulf of Mexico.
Full Article: nytimes.com/reuters

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