Chevron reported Friday that profits rose 9 percent in the first quarter as higher oil prices made up for weakness on the refining and chemicals side of its business. The second-largest US oil company earned $5.17 billion or $2.48 per share, up from $4.72 billion or $2.18 per share a year earlier. Analysts expected the company to earn $2.41 per share, according to a survey by Thomson Financial. San Ramon, California-based Chevron says revenue rose to $65.95 billion, from $48.23 billion. Analysts predicted revenue of $75.64 billion, according to Thomson. Chevron produced the equivalent of 2.6 million barrels of oil a day in the quarter, down 44,000 from a year ago. “Upstream earnings benefited from a significant increase in the price of crude oil from a year ago,” said Chairman and CEO Dave O'Reilly. “However, market conditions prevented our downstream business from fully recovering these higher costs through the price of gasoline and other refined products. Downstream results in the United States were essentially break-even in this year's first quarter.” The company repurchased $2 billion in common stock. Earlier in the week, Chevron announced a 12 percent increase in its quarterly dividend on the stock. Shares rose 73 cents to $95.67 at the open of trade.
