Chevron expects increased profit

Chevron Corp. said its fourth-quarter profit exceeded the $3.72 billion it earned during the third quarter after oil prices topped $90 a barrel for the first time, offsetting the fifth straight drop in oil and gas output.

San Ramon, Calif.-based Chevron, which is scheduled to disclose fourth-quarter results Feb. 1, said higher prices helped boost profit in its oil and gas business. The company plans to raise spending by 15% this year to $22.9 billion to find new reserves, drill more wells and expand refineries. The budget includes $17.5 billion for exploration and wells, a 31% increase.