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Chevron Reports Huge Profit

April 28, 2006
Chevron Corp., the No. 2 oil company in the U.S. reported quarterly earnings rose 49 percent to $4 billion, topping Wall Street expectations and sparking a 2 percent rise in the stock.

The earnings report came as consumers are fuming over high gas prices and high oil company profits. ExxonMobil, the largest publicly traded oil company in the world, reported $8.4 billion in earnings and that is the biggest first-quarter profit for Exxon ever.

Oil and gas companies are enjoying robust earnings because of the surge in oil prices due to fears of supply disruptions and booming demand.

The big oil earnings reports have triggered a wave of political outrage in Washington over the industry's profit bonanza.

Responding to soaring gasoline prices, U.S. lawmakers and consumer advocates have stepped up calls for windfall taxes on oil profits and the repeal of tax breaks.

Valero Energy earlier reported 56% growth in its earnings in the first quarter, as operating income rose to $1.5 billion, on stronger distillate and gasoline margins. The company's board approved a 2 cent increase in the company's regular quarterly cash dividend on common stock, from 6 cents per share to 8 cents per share.

California Attorney General Bill Lockyer says he will subpoena documents from all 21 California oil refineries to determine whether they are profiteering and gouging consumers.

President Bush says Congress ought to eliminate the limit on the number of hybrid vehicles produced by an automaker that qualify for current tax credits. Bush also called on Congress to take back some of the billions of dollars in tax breaks that energy companies enjoy. Bush also wants to raise fuel-economy standards for cars.

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