For the full year 2007, net income was $18.7 billion, or $8.77 per diluted share, up 9% from $17.1 billion, or $7.80 per diluted share in 2006.
Chevron reported upstream earnings of $4.8 billion, an increase of $1.9 billion, due to higher prices for crude oil. Downstream profits of $204 million declined by $750 million on narrowed margins for refined products.
Sales and other operating revenues in the fourth quarter of 2007 were $60 billion, an increase of approximately $14 billion from a year earlier. For the full year 2007, sales and other operating revenues increased to $214 billion from $205 billion in 2006.
Dave O’Reilly, chairman and CEO, said: Fourth quarter earnings for our upstream business benefited from a significant increase in the price of crude oil. However, downstream profits were off sharply because of planned and unplanned refinery downtime in the US, as well as the impact of higher crude-oil costs that were not fully recovered in the sales price of refined products.
