Today is another wonderful day for Big Oil.
In addition to Exxon-Mobil posting a 69% increase in profit, Shell posting a 22% increase in profit, and BP posting a 17% increase in profit, Chevron has posted a 36% increase in profit for the first quarter of 2011.
NEW YORK (Reuters) – Chevron Corp (NYSE:CVX – News), the second-largest U.S. oil company, reported a 36 percent jump in quarterly earnings as oil prices surged and refining profits improved along with the global economy. [...]
Chevron’s first-quarter profit rose to $6.2 billion, or $3.09 per share, from $4.6 billion, or $2.27 per share, a year earlier.
That topped analysts’ average estimate of $3.00 per share, according to Thomson Reuters I/B/E/S.
Meanwhile, the price of oil and gas continues to rise under the guise of “instability and uncertainty.”