Friday, April 29, 2011

Chevron's Income Rises 36 % On Higher Prices

This is what those skirmishes in the Middle East have really been about ...

SAN RAMON, Calif. -- Chevron Corp. said Friday its first-quarter net income rose 36 percent, the latest in a string of strong earnings from the major oil companies.

Chevron sold its oil for an average price of $89 per barrel in the last quarter, compared with $71 a year ago. That led to a $1.25 billion increase in profit from exploring for and producing oil. Refining profits also improved.

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