Chevron, which is engaged in oil and gas exploration and production, has reported net income of $5.17 billion, or $2.48 per diluted share, for the first quarter of 2008, a 10% increase, compared to $4.72 billion, or $2.18 per diluted share, for the same period of 2007.
The company reported sales and other operating revenues of $65 billion for the first quarter of 2008, compared to $46 billion for the same period of 2007.
Earnings in the 2007 period included a $700 million gain on downstream asset sales in Europe.
Dave O’Reilly, chairman and CEO of Chevron, said: Upstream earnings benefited from a significant increase in the price of crude oil from a year ago. However, market conditions prevented our downstream business from fully recovering these higher costs through the price of gasoline and other refined products.