SAN RAMON, Calif. (AP) — Chevron Corp. said Friday its first-quarter net income rose 36 percent, the latest in a string of strong earnings from the major oil companies.

Chevron sold its oil for an average price of $89 per barrel in the last quarter, compared with $71 a year ago. That led to a $1.25 billion increase in profit from exploring for and producing oil. Refining profits also improved.

Net income rose to $6.21 billion, or $3.09 per share, from $4.55 billion, or $2.27 per share a year ago. The results topped Wall Street expectations and marked Chevron’s best three months since it earned $7.9 billion in the third quarter of 2008.

Gasoline prices have topped $4 per gallon in some states. As oil company profits approach levels of three years ago, when gas prices last spiked in the United States, the industry is fighting a renewed push from President Barack Obama and Democrats to end its $4 billion a year in taxpayer subsidies.

On Thursday, Exxon Mobil reported net income of almost $11 billion, its best quarter since it made $14.83 billion in the July-September period of 2008. That’s the record for a publicly traded company. Also, Shell’s profit rose 60 percent to about $9 billion in the first quarter. France’s Total SA made about $5.8 billion, up 50 percent. ConocoPhillips’ earnings rose 43 percent.

Chevron’s revenue rose 25 percent to $60.34 billion in the quarter.

In early trading, Chevron shares lost 63 cents to $108.18.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments (21)
  1. mk says:

    So that is why the democrats and Obama want the high taxes – so they can subsides the oil companies … great plan for the greedy.

    1. MIke H. says:

      Did you read the part where President Obama and the dems want to *end* the subsidies that taxpayers are currently funding to the tune of $4 billion?

      1. Alexandra says:

        Check that off the list of tihngs I was confused about.

    2. ICANREAD says:

      guys, if you read the article, Obama and the democrats are trying to GET RID of the subsidies.

  2. Lance Neufeld says:

    If you didn’t hate the oil companies before, you’re sure to have a few feelings for them now! Remember when Pelosi blamed Bush for the high prices at the pump? She doesn’t have much to say now, does she?

  3. Jesse Snow says:

    Just why the HE11 are we as taxpayers subsidizing an industry that is making those kind of profits. Just the rich and greedy helping out their pay masters.

  4. dale may says:


    1. Steve says:

      Maybe you should educate yourself before you make sure ignorant comments. There are two main reasons the prices are so high, lack of refineries in the US (and limits on oil imports from Canada) and lack of drilling. Exxon made about 2 cents per gallon on oil sales and has paid more in taxes (from worldwide profits) than they have made in profit from business in the US. Do you realize that when gas is 4.00 per gallon over 80 cents of that is tax. Also, you pay sales tax on top of state and federal excise tax. If you still think that the government can do a better job of running these companies then there is no helping you.

      1. John Betgeorge says:

        steve everything you said sounds valid but in business it comes down to the bottom line and in this case

        Chevron had a 36 percent increase in profits just in the first quarter

        sounds like silent extortion

      2. Steve says:

        These companies require huge reserves to enable them to weather economic ups and downs as well as to invest in research. Just look at the airlines. Yes, most of there losses (about $1 billion for the top US airlines) were dues to the increase in fuel costs, but what do you think would happen if they had no reserves. In a very similar note, look at the financial statements for publicly trades health insurance companies. Their profit margin is about 3%. Now compare that to the industrial sector, which is about 8%. Sure the CEO’s of the health insurance companies make a ton of money, but factor that over the number of customers. It equates to about 50 cents per policy per year going to pay the CEO.

        Here is the big question: Do you think that our governments energy polices increase or decrease the cost of oil and health care?

        Let the oil companies extract the oil, but make sure they are responsible (strict liability) for any environmental problems.

        PS the silent extortion is from the government with the inflation tax. Your feel the economic pain of the reduction in the purchasing power of the dollar much more than you do from the high gas prices. Also, one of the reasons fuel prices are increasing is due to the decline of the dollar (loss of purchasing power). The dollar has been loosing value SIGNIFICANTLY over the past few years.

      3. Anita says:

        Lack of refineries and lack of drilling is no excuse for making billions of money in profits. They could lower the price of gas/oil and still make billions. It’s people like you that lets these criminals continue to gauge the public.

  5. dale may says:

    Hi mk
    Your comment is eithe based on ignorance or you work for the oil companies.
    This is what you said;
    “So that is why the democrats and Obama want the high taxes – so they can subsides the oil companies … great plan for the greedy.” The Republicans have been paid off by the oil companies, not the Democrats. That is the way it has always been and Pulic knows it. This tired old lie is lost its traction. Good try!

    1. Peanut says:

      They have all been paid off. Both of you need to pull your heads out…..

  6. John Schaffran says:

    You know how you stick it to the oil companies? Drilll here and now. Based on this logic it would appear that making drilling a priority in the US would drop the price of oil in half and thus gas prices! Am I missing something here?

  7. ja says:

    I have seen below comment somewhere else
    “Exxon paid the most taxes last year of any U.S. company, by far — but not a cent went to the IRS for income taxes. That’s because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.

    Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon’s federal income-tax bill down into negative territory.

    All the while Obama refuses to allow oil drilling and export increases here in the US while providing billions to South America so it can produce oil and create jobs.

    Ask Obama

    1. Estella says:

      Superbly illuminating data here, tahkns!

  8. cmoreride says:

    America is part of a World Oil Market, Not an American Oil Market,
    America pays the world oil market price.
    Domestically produced oil is sold at the world oil market value
    Domestic production can never and will never reduce the price we pay for oil…

  9. Frank says:

    Wow. Wow. What is wrong with your perception. The republicans are the ones that are backed by big money. Pick up a book for god sakes. Big money owns 90% of talk radio. The middle class is being squeezed by big money interests. The democrats are also controlled by big money, but not nearly as bad as the republicans. Be prepared to go back to the 1920’s when the only people paying to sustain this country is the working class. shut off fox news please: It’s owned by the wealthiest people in the world. Soon we will not be allowed to own land, we’ll have to rent it from our masters.

    1. Janisa says:

      I thought fdining this would be so arduous but it’s a breeze!

  10. John mcgee says:

    ride a bicycle.

  11. Chas says:

    The world market for trades for oil in dollars. Hence the value of our dollar goes down ,as it has been doing, this will mean an increase in the cost of oil. It doesn’t look like many include this in the blame game.

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