Chevron: Higher 2011 1Q Profit Due to Higher Oil Price

The Associated Press reported that Chevron (NYSE:CVX) announced the higher oil prices will contribute to higher 2012 first quarter profit.

As quoted in the market news:

Chevron said daily production of oil and gas in the U.S. fell 2.6 percent in January and February compared with the fourth quarter. International production — which accounts for about three-fourths of the total — was flat despite a shutdown of the Frade field in Brazil in mid-March.

Click here to read the full The Associated Press report.