Chevron profits jump on strong crude prices

Chevron Corp. on Friday announced a $ 4 billion in profits in the first quarter, joining the list of oil companies that have reported massive earnings as lawmakers consider ways to pacify consumers agitated about rising gas prices.

Chevron released its results after its two biggest rivals, ConocoPhillips and Exxon Mobil Corp., already provoked public outrage with similarly large profits.

America's three largest petroleum companies Exxon Mobil Corp., Chevron Corp. and ConocoPhillips posted combined first-quarter income of almost $ 16 billion, an increase of 17 percent from the year before.

Crude-oil futures are trading near $ 72 a barrel. U.S. gasoline prices are above $ 3 a gallon in many places, and even have climbed above $ 4 in southern California. Yet demand continues to rise.

Based in San Ramon, Calif., Chevron reported profit of billion US or $ 1.80 per share in the period ended March 31, slightly above analyst estimates. This compared with profit of $ 2.7 billion or $ 1.28 per share in the same period a year ago.

Revenue totalled $ 54.6 billion US, up 31 per cent from .6 billion US last year.