Chevron doubles profit as oil prices climb

[Newsjock]

Source: Associated Press

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

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


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