NEW YORK — Chevron Corp. the No. 2 U.S. oil company, on Friday said quarterly profit surged 49 percent to $4 billion, topping Wall Street expectations and sparking a 2 percent rise in the stock.

The massive earnings come even as consumers are increasingly agitated about rising gas prices.

Chevron’s first-quarter net income was equal to $1.80 a share, up from $2.7 billion, or $1.28 a share. The results, which included big increases in profits from oil extraction and refining, surpassed Wall Street expectations of $1.78 a share, according to Thomson Financial. Revenue for the quarter totaled $54 billion, up 32% from $42 billion a year earlier. Chevron increased its capital expenditures for exploration and refining projects by 80% to $3 billion in the first period.

In California, the average gas price continued to march sharply upward Friday, rising 2.7 cents overnight to $3.206 for a gallon of self-serve regular. Nationwide, the average pump price rose less than a penny to $2.929 a gallon.

Editor’s Note
Wonder what the lawmakers will now say about the massive tax breaks enjoyed by Oil companies? Consumer advocates and lawmakers its time to wake up!