I need you to look at ChevronTexaco performance history and show me what "rough patch" the woman is talking about.
| Daily Price History |
2001 |
2002 |
2003 |
2004 |
2005 |
| Dividend History |
12-00 |
12-01 |
12-02 |
12-03 |
12-04 |
| Dividend $ |
1.30 |
1.33 |
1.40 |
1.43 |
1.53 |
| Year-end Yield % |
3.08 |
2.96 |
4.21 |
3.31 |
2.91 |
| S&P 500 Yield % |
1.02 |
1.19 |
1.58> |
1.43 |
1.46 |
Chevron Executive Defends High Fuel Prices and Profits
Patricia Woertz says refiners are merely rebounding from a rough patch in 2002.
By Elizabeth Douglass
Times Staff Writer
April 4, 2005
Few things anger consumers more than high gasoline prices except maybe soaring profits for the nation's refineries because of high gasoline prices.
The high-price, high-profit combination is on display at ChevronTexaco Corp., which nearly tripled its income from U.S. refineries, fuel sales and transportation operations to $1.3 billion in 2004.
The results were particularly good news for Patricia A. Woertz. She runs the so-called downstream business of refining, selling and trading fuel for ChevronTexaco, which has two refineries in California and is one of the state's largest fuel retailers. The 52-year-old executive vice president spent the last two years overhauling the San Ramon, Calif.-based oil company's downstream operations, which employ about 18,000 people worldwide. Woertz rejects the notion that recent refiner profits are somehow unseemly. The refining industry is cyclical, she said, and is merely rebounding from a dismal patch in 2002, when post-9/11 energy demand plummeted and Woertz's group at ChevronTexaco lost $400 million in the United States.
Refining profits today are largely a reflection of high demand for fuel and crude oil, coupled with slow growth in the ability of refineries to process oil, she said. Woertz tackled the issue of refinery earnings and other subjects during a recent interview in San Francisco.
