would be out of place if Chevron DIDN'T see profits soar.
Good for them.
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Chevron Earnings Soar 49 Percent to $4B By MICHAEL LIEDTKE, AP
Business Writer
Fri Apr 28, 10:20 AM ET
SAN RAMON, Calif. - Chevron Corp.'s first-quarter profit soared 49
percent to $4 billion, joining the procession of U.S. oil companies
to report colossal earnings as lawmakers consider ways to pacify
motorists agitated about rising gas prices.
Chevron released its results Friday after two of its biggest rivals,
ConocoPhillips and Exxon Mobil Corp., already provoked public
outrage with similarly large first-quarter profits. Combined, the
three oil companies earned $15.7 billion during the first three
months of the year.
San Ramon, Calif.-based Chevron's net income for the three months
ended in March translated into $1.80 per share, two cents above the
average estimate among analysts polled by Thomson Financial. It
compared to a profit of $2.7 billion, or $1.28 per share, in the
same January-March period last year.
Revenue totaled $54.6 billion, a 31 percent increase from $41.6
billion last year.
Investors cheered the results as Chevron shares gained $1.22, or 2
percent, to $61.20 in early trading on the New York Stock
Exchange.
If not for continuing production problems caused by Hurricanes
Katrina and Rita last summer, Chevron said it would have made an
additional $300 million an amount that would have generated the
highest quarterly profit in the company's 127-year history.
As it was, the performance marked the fourth consecutive quarter
that Chevron has earned at least $3.6 billion as the company
continued to capitalize on oil prices that have climbed above $70
per barrel since the first quarter ended.
The run-up recently has pushed gasoline prices above $3 per gallon,
much to the frustration of consumers straining to pay their bills
and politicians looking to win votes in an election year.
As Congress discusses tax changes that threaten to crimp the
industry's profits, oil executives have been emphasizing that their
companies have been investing in projects that will eventually
increase oil supplies something that could help lower prices.
Chevron raised its capital and exploratory budget by 76 percent in
the first quarter to $3 billion. The company also it acquired a 5
percent stake in a joint venture that plans to build a refinery in
Jamnagar, India that could process up to 580,000 barrels of oil per
day. Chevron is considering boosting its stake in that refinery to
29 percent.
"Our company is in an excellent position to continue adding value
for our stockholders and helping to satisfy the energy needs of the
world economies," Chevron Chairman David O'Reilly said.
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