Chevron Corporation's Profit Surged

US oil company Chevron Corp. on Friday reported its earnings surged yet again to start 2007 as the oil company cashed out of a Netherlands venture and cashed in on lucrative refining margins that have contributed to high gasoline prices.

The 18 percent increase in Chevron's first-quarter profit delivered another reminder of the oil industry's moneymaking prowess while motorists dig deeper into their pocketbooks to fuel their cars. The economic disparity has renewed calls for a windfall tax on the industry to help raise money for alternative energy.


Chevron earned $4.7 billion, or $2.18 per share, during the first three months of the year, compared with net income of $4 billion, or $1.80 per share, at the same time last year.

The profit included a $700 million gain from Chevron's sale of a minority stake in a Netherlands refinery. If not for that one-time boost, Chevron said it would have earned $1.86 per share. That figure exceeded the average estimate of $1.67 per share among analysts surveyed by Thomson Financial.