| Chevron profits up with prices { July 29 2005 } Original Source Link: (May no longer be active) http://news.bbc.co.uk/2/hi/business/4729891.stmhttp://news.bbc.co.uk/2/hi/business/4729891.stm
Last Updated: Friday, 29 July 2005, 22:49 GMT 23:49 UK Oil price supports Chevron profit
Profits at US energy groups Chevron and Unocal, two of the protagonists in a tangled takeover battle, have risen ahead of forecasts. Chevron made $3.7bn in the second quarter, while Unocal earned $475m.
Results across the energy sector have proved healthy in recent days, as soaring oil prices have seen sales and profits jump.
Unocal has accepted a $17bn (£9.7bn) bid from Chevron, spurning a higher one from Chinese state-owned firm CNOOC.
Shareholders could still choose the $18.5bn Chinese offer, but that would require approval from a multi-agency government panel.
An energy bill passed by both houses of the US Congress has added a 141-day delay before the review, to allow for a study on whether China's thirst for oil is harming US economic or national security interests.
Despite beating forecasts, Chevron's profits were in fact 10% lower than in the same period last year.
Weakness in its refining and marketing was partly at fault, with profits in the two sectors down 7%, while a decline in output also offset the boost from oil prices up 50% since the start of the year.
Unocal, in contrast, recorded a 40% rise in profits.
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