Posted at 2:19 p.m., Friday, April 27, 2007
Chevron profits rise 18 percent in first quarter
Advertiser Staff
SAN RAMON, Calif. — Coming off three straight years of record profits, Chevron Corp. today reported its earnings surged yet again to start 2007 as the oil company cashed out of a Netherlands venture and cashed in on lucrative refining margins that have contributed to high gasoline prices.The 18 percent increase in Chevron's first-quarter profit delivered another reminder of the oil industry's moneymaking prowess while motorists dig deeper into their pocketbooks to fuel their cars. The economic disparity has renewed calls for a windfall tax on the industry to help raise money for alternative energy.
Chevron, one of two companies that operate refineries in Hawai'i, earned $4.7 billion, or $2.18 per share, during the first three months of the year, compared with net income of $4 billion, or $1.80 per share, at the same time last year.
The San Ramon-based company turned a higher profit despite a 12 percent decline in revenue, to $48.2 billion during the period.
The profit included a $700 million gain from Chevron's sale of a minority stake in a Netherlands refinery. If not for that one-time boost, Chevron said it would have earned $1.86 per share. That figure exceeded the average estimate of $1.67 per share among analysts surveyed by Thomson Financial.
Chevron became the fourth of world's five largest publicly traded oil companies to release their first-quarter earnings this week, following BP PLC, ConocoPhillips and Exxon Mobil Corp. Combined, the four companies earned $22.2 billion, up by 4 percent from last year.
