cbs13headerlogo-1 SPORTS1140HeaderLogo gooddayheaderlogo (1)
SPORTS CHALLENGES: Your sports predictions could mean a FREE Trip to Cancun or Jamaica!  Sign up for the Pro Football Challenge | Sign up for the Pro Football Knock Out Pool

Local

Chevron Profit Rises On High Oil Prices

View Comments
Chevron Logo
Don't Miss This

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

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.)

View Comments
blog comments powered by Disqus