Chevron Corp. reported a first quarter profit of $1.6 billion, a 53% increase over first quarter 2001.
Excluding one-time charges taken in the first quarter last year, profits rose 45%. Revenue for the first quarter was $12.3 billion compared to $11.7 billion last year.
Skyrocketing prices for natural gas got much of the credit for Chevron’s profit. During the quarter prices were around $7.50 per thousand cubic feet compared to an average $2.40 a year ago. That helped offset a 6% decrease in crude oil prices.
Chevron’s operating profit from worldwide exploration and production was $1.4 billion, up 38% from a year ago. Profits from its U.S. marketing and refining division were $141 million, nearly triple profits from a year ago; but they were down considerably from $336 million reported for fourth quarter 2000.