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Texaco fuel card news: Chevron sees profits fall

01 February, 10
Texaco's parent company Chevron has revealed that its profits have fallen.

Fleet operators and private motorists have seen the cost of diesel rise in recent months, with the AA Fuel Price Report for January revealing the average price per litre in the UK is now 113.7p.

However, it appears that Chevron has not been able to capitalise on the rising prices at Texaco petrol stations.

Its quarter four 2009 financial report revealed a profit of $3.07 billion, down from $4.9 billion in the corresponding period of 2008.

This contributed to a 56 per cent decline in full year profit, which stood at $10.48 billion.

John Watson, Chevron's chairman and chief executive officer, said challenging trading conditions were to blame for the disappointing results.

"Earnings decreased in 2009 as a result of lower crude oil and natural gas prices and a decline in refined product sales margins, driven by a weak global economy," Mr Watson explained.

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Posted by Sean WebbADNFCR-2675-ID-19590288-ADNFCR

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Texaco fuel card news: Chevron sees profits fall