BUSINESS
10/28/2011 08:56 EDT | Updated 12/28/2011 05:12 EST

Higher oil prices help Chevron more than double Q3 profit, but production slips

Chevron Corp.'s quarterly profit more than doubled as a jump in oil prices made up for declining production.

The San Ramon, Calif. oil company says net income totalled US$7.83 billion, or $3.92 per share, for the third quarter.

That compared with $3.77 billion, or $1.87 per share, a year earlier. Revenue rose 26 per cent to $61.3 billion.

Analysts had expected earnings of $3.47 per share on revenue of $70.4 billion, according to FactSet.

Chevron says oil prices jumped 41 per cent in the U.S. and 47 per cent overseas. The increased price made up for a five per cent drop in production of oil and natural gas.