ROBERT SULLIVAN
Chevron Corp. , the second-largest U.S. oil company, reported a 36-per-cent jump in quarterly earnings as oil prices surged and refining profits improved along with the global economy.
Oil companies have seen their earnings boosted by the jump in global oil prices above $100 per barrel in the first quarter because of growing global energy demand and unrest in the Middle East and North Africa.
Chevron's first-quarter profit rose to $6.2-billion (U.S.), or $3.09 per share, from $4.6-billion, or $2.27 per share, a year earlier.
That topped analysts' average estimate of $3 per share, according to Thomson Reuters I/B/E/S.
Revenue rose 23 per cent to $58-billion.
Oil and gas output slipped nearly 1 per cent to 2.76 million barrels of oil equivalent per day.
Still, earnings from the upstream, or production arm, jumped to $5.98-billion in the quarter on strong energy prices.
Chevron also benefited from strong demand for products such as gasoline, diesel fuel and jet fuel, which helped lift profits at its refineries more than threefold from a year ago to $622-million.
The San Ramon, California-based Chevron had said earlier this month that rising demand had boosted its first-quarter refining margins, despite the rise in oil prices.
Chevron's report comes a day after Exxon Mobil Corp and Royal Dutch Shell Plc beat analysts' forecasts with their quarterly numbers.
Earlier on Friday, France's Total said profit rose 35 per cent, a day after it announced it would take a majority stake in U.S. solar power company SunPower Corp.
Chevron shares were fractionally lower in pre-market trading. The stock has gained 19 per cent since the start of 2011, in line with Exxon shares.