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Chevron posts record profit of $18.6 billion in 2007 Category: Energy Feb. 1, 2008 - Contra Costa Times Online News Service - San Ramon-based Chevron Corp. powered to record profits in 2007 and higher profits for its fourth quarter of last year, bolstered by surging prices of crude oil, but the energy giant also reported profit weakness in its refining and retail business. Chevron during its fourth quarter earned $4.88 billion, or $2.32 a share. For the full year, Chevronâ (tm)s profits totaled $18.69 billion, or $8.77 a share. Quarterly profits jumped 29 percent from the year before. The company said that its upstream, or exploration and production business, benefitted from a big increase in crude oil prices. But downstream, consisting mainly of refining and retail operations, suffered a decline in profits because of refinery shutdowns and the inability of gasoline prices to keep up with the record jump in crude oil costs.

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