Thursday, October 11, 2007

It's About Time

Chevron says its earnings will take a hit

The heads-up signals that oil firms' profits will be more modest in future quarters.
By Elizabeth Douglass, Los Angeles Times Staff Writer
October 10, 2007

http://www.latimes.com/business/la-fi-chevron10oct10,1,374836.story?ctrack=1&cset=true

Sharply lower profit from making fuel took a big bite out of Chevron Corp.'s third-quarter earnings, which the oil company said Tuesday would be "significantly below" the record $5.4 billion it earned during this year's second quarter.

The announcement by the nation's second-largest oil company wasn't a surprise but is nonetheless one of the strongest signals yet that industrywide, record-setting results have come to an end and that oil companies are going to be posting smaller profits in the quarters to come....

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