Tags: US | Earns | Chevron

Chevron Doubles Income on Higher Oil Prices

Friday, 30 Apr 2010 09:36 AM

Chevron Corp. said Friday its first-quarter profit more than doubled as oil prices soared over the past year.

The San Ramon, Calif. oil company reported income of $4.55 billion, or $2.27 per share, for the first three months of the year. That compares with $1.84 billion, or 92 cents per share, in the same part of 2009.

Excluding charges associated with employee reductions in its refining, marketing and chemicals business, Chevron said it would have made $2.36 a share.

Revenue increased 33 percent to $48.18 billion.

Analysts, which typically exclude one-time charges, had expected earnings of $1.94 per share on revenue of $53.25 billion.

Like other major oil companies, including Exxon Mobil, Chevron's results were boosted by a surge in profits from its exploration and production operation. Oil prices more than doubled, from a low of around $33 a barrel in the first quarter of 2009 to more than $80 a barrel in the first quarter of 2010.

Chevron responded by pulling more oil and natural gas out of the ground. The company increased production of oil equivalent, which includes natural gas, by 4.5 percent to 2.78 million barrels per day.

Chevron's refining business, however, continued to struggle to pass higher crude costs along to customers. Sales of refined products dropped 8.6 percent in the quarter.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
Headline
Chevron Corp. said Friday its first-quarter profit more than doubled as oil prices soared over the past year.The San Ramon, Calif. oil company reported income of $4.55 billion, or $2.27 per share, for the first three months of the year. That compares with $1.84 billion, or...
US,Earns,Chevron
216
2010-36-30
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved