Chevron Corp. (NYSE: CVX) said Friday that its first-quarter profit rose to $6.2 billion, or $3.09 per share, from $4.6 billion, or $2.27 per share, in the prior-year quarter. Revenue rose to $58 billion from $47 billion. Analysts, on average, expected the company to report earnings of $3.04 per share on revenue of $66.62 billion.
Net charges in the first quarter 2011 were $388 million, compared with $368 million in the year-ago period. Foreign currency effects increased net charges by $10 million in the 2011 quarter, compared with a $2 million reduction in net charges last year.
"Our first quarter financial performance was strong," said Chairman and CEO John Watson. "Current quarter earnings from upstream operations benefited from higher prices for crude oil, while downstream operations benefited from improved margins on refined petroleum products. We continue to operate safely, advance our major capital projects and restructure our downstream portfolio."
Full Disclosure: None.
