Higher oil prices boost Chevron Corp. 1Q profits by 4 per cent

NEW YORK, N.Y. – Chevron Corp. says profits rose 4.2 per cent in the first quarter as it sold oil for higher prices.

The San Ramon, Calif. energy giant on Friday reported earnings of $6.47 billion, or $3.27 per share, for the first three months of the year. That compares with $6.21 billion, or $3.09 per share, for the same part of 2011. Revenue increased less than 1 per cent to $60.7 billion.

The results met Wall Street expectations.

Chevron, the second-largest petroleum company in the U.S. behind Exxon Mobil, produced 4.7 per cent less oil and gas in the quarter. It made up for the decline by selling oil at higher prices. Crude prices increased 15 per cent in the U.S. and 16 per cent internationally.

Shares fell by $1.03 to $105.19 in premarket trading.