Friday, May 02, 2008

Chevron Post Record Profits

The company accused of destroying the environment in Ecuador and who also employs the man who green lit the human rights abuses in Iraq and Guantanamo, has posted has reported a first-quarter net income increase of 10%. From MarketWatch:

NEW YORK (MarketWatch) -- Rounding out an impressive set of results from the major oil producers, Chevron Corp. on Friday said first-quarter net income climbed 10% as revenue jumped on higher prices for crude oil, natural gas and refined products.

The San Ramon, Calif. integrated oil and gas giant said earnings for the three months ended March 31 increased to $5.17 billion, or $2.48 a share, from $4.72 billion, or $2.18 a share in the year-ago period, which included a one-time $700 million gain.

Revenue rose to $65 billion from $46 billion, as the company's oil and gas production business grew, even as its refining and marketing results were essentially break-even for the period.

They will, of course, need all the revenue they can muster should the Ecuadorean case go against them. Fingers crossed.