April 28, 2006
Feeling No Pain
Chevron Earnings Soar 49 Percent to $4B
By MICHAEL LIEDTKE
The Associated Press
Friday, April 28, 2006; 10:20 AM
SAN RAMON, Calif. -- Chevron Corp.'s first-quarter profit soared 49 percent to $4 billion, joining the procession of U.S. oil companies to report colossal earnings as lawmakers consider ways to pacify motorists agitated about rising gas prices.Chevron released its results Friday after two of its biggest rivals, ConocoPhillips and Exxon Mobil Corp., already provoked public outrage with similarly large first-quarter profits. Combined, the three oil companies earned $15.7 billion during the first three months of the year.
San Ramon, Calif.-based Chevron's net income for the three months ended in March translated into $1.80 per share, two cents above the average estimate among analysts polled by Thomson Financial. It compared to a profit of $2.7 billion, or $1.28 per share, in the same January-March period last year.
Revenue totaled $54.6 billion, a 31 percent increase from $41.6 billion last year.
Investors cheered the results as Chevron shares gained $1.22, or 2 percent, to $61.20 in early trading on the New York Stock Exchange.
If not for continuing production problems caused by Hurricanes Katrina and Rita last summer, Chevron said it would have made an additional $300 million _ an amount that would have generated the highest quarterly profit in the company's 127-year history.
Regular unleaded is $3.039 at the corner Exxon.
UPDATE: Elsewhere in Northern Virgina, much higher. You can use a href="http://www.gasbuddy.com/gb_index.aspx">this site to compare gas prices anywhere in the US and most of Canada.
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