SAN RAMON (dpa-AFX) - Chevron Corp. (CVX) reported that its net income attributable to the company for the third-quarter increased to $5.59 billion from the previous year's $4.95 billion, with earnings per share improving to $2.95 from $2.57 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.55 per share for the quarter. Analysts' estimates typically exclude special items. Foreign currency effects increased earnings in the 2014 quarter by $366 million, compared with a decrease of $276 million a year earlier.
But, total revenues and other income for the quarter declined to $54.68 billion from $58.50 billion in the prior year. Wall Street expected revenues of $52.97 billion for the quarter.
'Despite a decline in crude oil prices, our third quarter earnings were higher than a year ago. Overall downstream results improved, reflecting the benefits of lower feedstock costs and better refinery reliability, particularly in the U.S. We also concluded certain asset sales as part of our announced, three-year divestment program. Cash generation in the quarter was solid, and our financial strength enables us to both reward our investors through distributions and fund value-adding projects,'said Chairman and CEO John Watson.
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