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Higher oil prices helps Chevron post a profit

Published:Friday | April 28, 2017 | 2:14 PM

Rising oil prices helped Chevron post a profit in the first quarter after reporting a loss in the same period a year ago.

Crude prices have risen to close to $50 a barrel this year after dipping below $30 a barrel last year, boosting the finances of oil companies. Rival Exxon Mobil Corp, for example, said on Friday that its profit during the first quarter more than doubled.

Chevron reported first-quarter net income of $2.68 billion, or $1.41 per share, in the first three months of the year, compared with a loss of $725 million, or 39 cents per share, in the same period a year ago.

The results topped Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

Revenue rose 41 per cent to $33.42 billion, beating expectations of $32.01 billion.

Shares of Chevron Corp rose 73 cents to $106.20 in midday trading on Friday.

- AP