Chevron Profit Rises 36 Percent

Chevron Profit Rises 36 Percent

The second-largest U.S. oil company, Chevron Corp, reported a larger-than-expected 36 percent rise in earnings on Friday.

The profits were attributed to oil price increases and improved refining along with global fuel demand.


Oil company profits have been boosted by the jump in crude prices above $100 per barrel last quarter because of a growing need for energy worldwide as well as unrest in the Middle East and North Africa.

Chevron’s first-quarter profit rose to $6.2 billion, or $3.09 per share, from $4.6 billion, or $2.27 per share, a year earlier. That topped analysts’ average estimate of $3.00 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 23 percent to $58 billion.

That was despite a slip in oil and gas output of nearly 1 percent to 2.76 million barrels of oil equivalent per day.

Rising demand had boosted its first-quarter refining margins, despite the rise in oil prices, as per the California-based Chevron said earlier this month.

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