Chevron credits higher oil prices with boost in profits

Chevron earned $5.17 billion in first quarter.

The Associated Press

5/2/2008

NEW YORK — Chevron says profits jumped more than 9 percent in the first quarter as higher oil prices made up for weakness on the refining and chemicals side of its business.

The second-largest U.S. oil company earned $5.17 billion, or $2.48 per share, up from $4.72 billion, or $2.18 per share, a year earlier.

Analysts expected the company to earn $2.41 per share, according to a survey by Thomson Financial.

San Ramon, Calif.-based Chevron says revenue rose to $65.95 billion, from $48.23 billion. Analysts predicted revenue of $75.64 billion, according to Thomson.

Chevron produced the equivalent of 2.6 million barrels of oil a day in the quarter, down 44,000 from a year ago.