FILE - This Jan. 27, 2011 file photo shows an Exxon sign in Carnegie, Pa. Exxon Mobil Corp. said Friday, Feb. 1, 2013, that fourth-quarter earnings rose 6 percent to $9.95 billion with help from higher refining profit margins. The company still makes most of its money by producing oil and gas, but that end of the business was less profitable than a year ago because of lower prices and production. Exxon made up the difference in the refining business. (AP Photo/Gene J. Puskar, File)
News summary: Chevron profit soars on asset swap
Published: 09:46:51 PM, Fri 01 February 2013 UTC
ENERGETIC EARNINGS: Chevron Corp. posted a 41 percent rise in net income for the fourth quarter. The company's refinery operations improved over last year as input costs fell while prices it fetched for the fuels it produced rose.
OUTPUT UP: Oil and gas production rose slightly from a year earlier. It jumped 6 percent since the third quarter.
CASH RICH: Chevron ended the quarter with $21 billion in cash. CEO John Watson why said the company plans to pay dividends, buy back stock, invest in new projects and keep a lot handy in case oil prices fall.
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