Chevron Reports Third Quarter Earnings of $1.87 Per Share

Chevron Corp. (CVX) reported earnings of $1.87 for the quarter, down from $1.92 a year earlier. The 2009 results were boosted by upstream asset sales and discrete tax items.

Sales and other operating revenues were $48 billion in the third quarter of 2010, compared with $45 billion a year earlier, the company said in a statement. The increase was largely due to higher prices for crude oil, natural gas and refined products.

Earnings for the first nine months of 2010 were $6.84 per share, compared with $3.71 per share for the first nine months of 2009.

"Earnings for the quarter were essentially flat with a year ago, but up sharply for nine months. Operationally, we continue to show gains in upstream production and progress on our downstream restructuring," CEO John Watson said.

Chevron will begin repurchasing common stock in the fourth quarter. The repurchase program targets a repurchase rate of $500 million to $1 billion a quarter.

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After reading this short article, the first wave that came over me was one of nausea brought on by intense DISGUST at how casually they state that the $3 BILLION dollar increase over last year was largely due to higher crude oil prices, natural gas and refined products. Try to picture this scene: teeny teeny consumer, on a perfectly manicured lawn outside and down a little hill from the balcony jumping up and down as high as he can waving both arms in the air crazily every time he reaches maximum height and screaming at the top of his little lungs trying to get the attention of huge oil company sitting on his balcony trying to compile a complete list of all the new and wonderful things he is going to buy with his $3 FREAKING BILLION DOLLARS: teeny teeny consumer:HEY, HEY, HELLO, OVER HERE, YEAH, YOU...THE ONE WITH THE CHRISTMAS LIST...OOOOVVEEERRRR HHHHHEEEERRRREEE, SEE THE HAND WAVING? YEAH, I KNOW I'M SMALL, COME A LITTLE CLOSER, CLOOSER, CCCLLLOOOOOOOOOOOOSSSSER PLEASE, NOPE STILL TOO FAR AWAY. GET YOUR CHEVRON BUTT ON DOWN HERE, JUST A LITTLE CLOSER, OKAY WELL WHATEVER I GUESS THAT WILL DO.... teeny teeny man continues: So what's the deal here, big Chevron man? I have not had to use a cart at the grocery store now for over 7 months, I have run out of gas at least twice a month since January and its not because I keep forgetting to put gas in the car, it is because the gas is gone and so is my money. Just driving as far the truck will take me and then walking as become pretty acceptable around here, my washer took dive and I don't foresee being able to purchase a new one in FOREVER, I cannot remember the last time I had a cookie or a bowl of cereal or a cup of coffee or a potato chip that was not the generic brand. I have not been able to pay one dollar of a single bill for over 4 months now and by the grace of God who has placed in my path a friend with money, I even have power or internet, because the little bit of $40 I manage to squeeze out of my customers is divided up with $35 spent on as many filling, rich in protein food items that I can buy and the other $5 used to put 2 gallons of gas in my tank that usually always gets me home and back out the next day. What is the deal. WHAT IS THE DEAL, I SAY, BIG CHEVRON MAN. I MEAN SERIOUSLY...WHAT IS THE ******* DEAL???????? I WANT AN ANSWER. NO, I KNOW THE ANSWER BIG CHEVRON MAN. I WANT TO HEAR THE WORDS COME OUT OF YOUR MOUTH. I KNOW YOU DON'T GIVE A RAT'S ASS ABOUT ME OR MY DAUGHTER OR OUR WORRIES OR SACRIFICES OR THE FACT THAT 3 YEARS AGO I COULD SUPPORT MY DAUGHTER AND MYSELF OR THAT TODAY WHILE PRICES ON EVERY DAMN THING HAVE INCREASED EASILY BY 20% I SEEM TO BE EXPERIENCING AND HAVING TO ENDURE A 75% DECREASE IN INCOME.. i JUST NEED TO HEAR IT. I NEED, NEED, NEED TO HEAR IT. I WANT TO HEAR IT OVER AND OVER AND OVER AGAIN SO THAT I WILL REMEMBER IT EVERY TIME I PROUDLY GET ON MY BICYCLE AND MAYBE ONE DAY A HORSE HORSE TO GO TO TOWN. SOOOOOOOOOOOOOO PPLLLLLLLLLLLLEEEEEEEEEEEEEEEEEAAAAAAAAAAAAAAASSSSSSSSSSSEEEEE, PLEASE, PLEASE, TELL ME THAT THE REASON YOU HAVEN'T PASSED ON DOWN ANY OF THE $3BILLION PROFITS IN THE FORM OF LOWER PRICES OR A SMALL FOOD ALLOWANCE IS BECAUSE I DON'T REALLY MATTER TO YOU, YOU ACTUALLY CANNOT BELIEVE YOU ARE OUT HERE WASTING YOUR TIME. PLEASE LET ME HEAR YOU SAY HOW YOU FEEL, THAT YOU WOULDN'T GIVE ONE TINY RAT HAIR TO ME OR MY DAUGHTER BECAUSE YOU COULD CARE LESS, NO ACTUALLY YOU WISH I WOULD LEAVE AND NEVER COME BACK, GOODBYE AND HOPE NOT TO SEE YOU LATER YOU PATHETIC CUSTOMER CONSUMER". So after all that, I feel the disgust has lifted and what I am feeling now is a strongly focused ANGER, REALLLLL ANGER, ANGER LIKE I want to tell you and the GOVERNOR AND MY REPRSENTATIVES AND MY SENATOR AND EVEN MY DOG GAMMED PRESIDENT THAT YA'LL CAN KISS MY IDIOT BUTT GOODBYE AND KISS MY REBEL READY FOR A REVOLUTION ASS HELLO! I AM SO SICK AND TIRED OF BEING STEPPED ON AND ROBBED AND THROWN AWAY BY THE VERY PEOPLE I THOUGHT NEEDED US AT LEAST SO THAT THEY COULD HAVE CUSTOMERS. So there's my comment. You can keep your gasoline and your oil and your dry popcorn all to yourself. I am never using Chevron gas again.

October 30 2010 at 4:35 AM Report abuse rate up rate down Reply