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.

From in.news.yahoo.com:

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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