Chevron Profit Rises In 1st Quarter On Higher Oil Prices

SAN RAMON (CBS/AP) — Chevron reported first-quarter earnings rose 36 percent. The company received higher prices for the oil it produced, and also made more money from refining oil.

Net income rose to $6.21 billion, or $3.09 per share. 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.

Analysts expected net income of $2.97 per share.

Revenue rose 25 percent to $60.34 billion.

San Ramon-based Chevron’s results are the latest in a string of improved earnings from the major oil companies. Exxon reported a profit of almost $11 billion, while Shell earned about $8 billion.

Chevron sold its oil for an average price of $89 per barrel in the last quarter, compared with $71 a year ago.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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