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May 2, 2008, 19:30 GMT

Record oil prices: Chevron makes gains - competitors stronger

Washington - Chevron, the second largest US oil and natural gas company, reported quarterly profits Friday of 5.2 billion dollars, a 10 per cent increase from the same period last year. Total revenues for Chevron climbed 41 per cent to 65.9 billion dollars. European competitor BP's profits for the quarter were up nearly 50 per cent at 6.6 billion dollars. Royal Dutch Shell had an increase of 12 per cent in profits at 7.8 billion dollars for the same period. Oil demand has meant record prices and record profits for the industry, but in the oil refinery business margins are sinking with higher costs, the industry says. Exxon Mobil Corp, the largest US oil company, on Thursday reported 10.9 billion dollars in earnings, its highest first quarter earnings figure ever.

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