News summary: Chevron profit soars on asset swap

Updated at: 02/01/2013 3:37 PM
By The Associated Press

ENERGETIC EARNINGS: Chevron Corp. posted a 41 percent rise in net income for the fourth quarter. The company’s refinery operations improved over last year as input costs fell while prices it fetched for the fuels it produced rose.

OUTPUT UP: Oil and gas production rose slightly from a year earlier. It jumped 6 percent since the third quarter.

CASH RICH: Chevron ended the quarter with $21 billion in cash. CEO John Watson why said the company plans to pay dividends, buy back stock, invest in new projects and keep a lot handy in case oil prices fall.

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