Chevron Corp.’s first-quarter profit soared 49 percent to $4 billion, joining the procession of U.S. oil companies to report colossal earnings as lawmakers consider ways to pacify motorists agitated about rising gas prices.

Chevron released its results Friday after two of its biggest rivals, ConocoPhillips and Exxon Mobil Corp., already provoked public outrage with similarly large first-quarter profits. Combined, the three oil companies earned $15.7 billion during the first three months of the year.

San Ramon, Calif.-based Chevron’s net income for the three months ended in March translated into $1.80 per share, two cents above the average estimate among analysts polled by Thomson Financial. It compared to a profit of $2.7 billion, or $1.28 per share, in the same January-March period last year.
abcnews.go.com

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