Chevron earnings rise on asset swap gain

NEW YORK: Chevron Corp, the second-largest US oil company, said on Friday its fourth quarter profit rose slightly as a gain from an asset swap offset lower oil prices and production.

Net income rose to $4.9 billion, or $2.44 per share, from $4.88 billion, or $2.32 per share, in the year ago quarter, helped by the $600 million one-time gain in which it received stock for a producing field.

Sales fell to 28 percent to $43 billion.

The company had warned that fourth-quarter earnings would be significantly lower than the third quarter's due to the impact of lower energy prices on the exploration and production side. Chevron had also said that refining margins fell sharply in December.