SAN RAMON -- Chevron helped lead energy shares higher with a strong surge in its stock price Friday, fueled primarily by a positive update on its operations.

Shares of Chevron jumped 1.1 percent to finish at $117.73 on Friday.

San Ramon-based Chevron, after the markets had closed on Thursday, pointed to higher profits for its upstream operations -- exploration, development and production units -- and its downstream businesses -- refining, retailing and transportation.

Fourth-quarter earnings are coming in "notably higher" than the profits for the third quarter, Chevron said in the interim release.

Houston-based Tudor Pickering & Holt raised its fourth-quarter estimates for Chevron, which may have also helped bolster the company's shares.

Tudor Pickering raised its estimate by 3 cents to $3.11 a share.

The average estimate on Wall Street for Chevron in the fourth quarter is $3.04 a share.

Contact George Avalos at 408-373-3556 or 925-977-8477. Follow him at twitter.com/george_avalos.



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