Chevron Profit Nearly Triples on Refining Surge

Chevron's third-quarter net income jumped to $9.9 billion, up from $3.54 billion a year earlier, as record refinery throughput and wider margins offset a tougher crude pricing environment. The oil major ($CVX) also cut net debt by $7.8 billion during the quarter, pushing its debt-to-cash-flow ratio down to 0.6 times from 1.3 times a year ago. Refiners are cashing in even as upstream producers face thinner margins on crude itself.