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Profits from Chevron's exploration and production business increased, despite weaker production, because the company sold oil at higher prices. International natural gas prices also rose in the quarter. Despite the 2011 slowdown, Chevron's future production still looks "on track to meet our goals," Chairman and CEO John Watson said. The company expects to pump 3.3 million barrels per day by 2017, a 23.5 percent increase from 2011 levels. Chevron's refining business struggled, as falling prices for retail gasoline and other fuels made it harder to pass along higher oil costs to customers. Chevron's U.S. refining operations lost $204 million from October to December. International refining profits fell by 46.4 percent. For the full year Chevron earned $26.9 billion, or $13.44 per share, compared with $19 billion, or $9.48 per share in 2010. Annual revenue increased 23.3 percent to $253.7 billion. Earlier in the week, ConocoPhillips reported a 66 percent increase in quarterly earnings, though much of that came from the sale of a pipeline and other assets. ConocoPhillips said its production fell 8 percent last year while it aggressively shed assets. Occidental Petroleum Corp. said it increased oil production about 4 percent last year while boosting profits 35 percent in the final three months of the year. Exxon Mobil Corp. and Royal Dutch Shell are expected to announce their fourth-quarter results next week.
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