Chevron 3Q Profit Down 51 Percent

October 30, 2009 by Stephen Kersey · Comments Off

Though production is up, Chevron, the nation’s second largest oil and gas producer, posted overall profits down 51 percent to $3.83 billion, or $1.92 per share, in comparison with the same three-month period last year.

The company did increase oil production by 11 percent. The average sale price was $62 per barrel — definitely better than last quarter but still far below the $103 per barrel during the same period in 2008.

Image: Flickr

“We continued to experience weak margins on the sale of gasoline and other refined products,” said Chairman and CEO Dave OReilly. “Weak demand and plentiful supply affected all our major markets.”

The exploration and production division saw profits fall 41 percent to $3.6 billion. The refining business saw earrings drop more dramatically — 89 percent to $194 million. In addition, the company said foreign exchange charges of $81 million for the quarter made it considerably more expensive to operate overseas.

The results weren’t unexpected. Chevron and other oil and gas companies did not expect results to compare to the go-go oil market of the summer of 2008.

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Chevron 3Q Profit Down 51 Percent

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PC Backup Startup Names New CEO

October 28, 2009 by Stephen Kersey · Comments Off

One of the hottest industries in the online world is PC backups. There are a number of major players in this industry, which wants to capitalize on the market that is filled with consumers who want to backup their important data from their PC quickly, easily and without paying a fortune.

Rebit.com is one player in the PC backup market. Recently, this startup named Paul Guerin as its CEO. Guerin has worked for a number of major corporations including Lotus, IBM and GTSI. He has also worked for a few startups including Jabber, Torrent Systems and Digital Archaeology.

Said Guerin, who steps into his role immediately: “Rebit’s product line is impressive and innovative, and the company’s employees are highly experienced industry professionals and leaders. I am thrilled to be joining this exemplary team and taking the next steps toward growing the company from the strong foundation that Lew Frauenfelder built.”

Reviewers say that Rebit.com offers an extremely simple solution that provides continuous backup without any configuration, scheduling or setup. Its scope of what it backs up is also highly regarded.