updated 7/30/2004 9:39:53 AM ET 2004-07-30T13:39:53

Oil giant ChevronTexaco Corp. said Friday that second-quarter profits rose due to higher average prices for crude oil and natural gas, along with a significant gain from the sale of non-strategic producing properties in western Canada.

Quarterly earnings more than doubled to $4.13 billion, or $3.88 per share, from $1.6 billion, or $1.50 per share, in the year-ago period.

Net income for the second quarter included a $585 million, or 55 cents per share gain related to the sale of upstream assets in western Canada and a one-time benefit of $255 million, or 24 cents per share from changes in income-tax laws for certain international operations. Net income in the 2003 quarter included special charges of $117 million, or 11 cents per share.

The company said earnings per share from continuing operations totaled $3.84, up from $1.48 in the quarter last year.

Analysts surveyed by Thomson First Call had predicted ChevronTexaco would earn $2.72 per share in the latest quarter.

Revenues rose to $38.3 billion from $29.27 billion last year, driven by higher prices for refined products, crude oil and natural gas.

Net oil-equivalent production declined 8 percent, or 78,000 barrels per day, from the year-ago quarter. Normal field declines accounted for most of the reduced production, the effects of which were only partially offset by new or increased production in certain fields. Net natural gas production averaged 2 billion cubic feet per day, down 13 percent from a year earlier.

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