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Chevron reports financial results for Q4

by ChemOrbis Editorial Team -
  • 30/01/2017 (11:32)
According to media reports, Chevron Phillips released its financial results for the fourth quarter of 2016. The company posted a net profit of $415 million in Q4 of 2016 when compared to the net loss of $588 million in the same period of 2015.

The increase in the company’s profits was attributed to the recent rise in oil prices after the OPEC cut deal and the company’s cost cuts.

Earnings increased mainly in the company’s upstream segments while it decreased in the refining segments because of low margins and high taxes, the reports revealed.
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