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Texaco fuel card news: Texaco owner predicting profit boost

13 July, 10
Texaco's parent company, Chevron, has predicted that its second-quarter financial results will reveal an increase in profits, partly driven by the persistently high cost of oil from March to June.

In its latest interim report, the California-based energy giant - which is the world's second-largest oil producer behind ExxonMobil - claimed improvements in refining margins are likely to result in a boost to revenue compared to the first quarter.

However, the company also noted that its US oil production fell by 20,000 barrels on the previous three months to an average of 714,000 barrels per day, while international output dropped by 19,000 to 2.03 million.

Chevron observed that the cost of the commodity remained expensive throughout the first six months of 2010, with the price of its West Texas Intermediate product averaging between $77 and $79.

Earlier this year, rival firms including BP and Shell posted record first-quarter profit margins due to the steep value of oil.

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Posted by Sean WebbADNFCR-2675-ID-19886522-ADNFCR

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Texaco fuel card news: Texaco owner predicting profit boost