Majors Are Preparing Investors/Others for Significantly Higher Profits in 1Q11

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Chevron said it expects first-quarter earnings to rise from the prior quarter, helped by higher oil prices and slightly offset by lower profits from its refining and marketing arm.

The outlook signals that major oil companies will report a surge in quarterly earnings for the period ended March 31, boosted by climbing oil prices, which appreciated in average almost $20 a barrel compared with the same quarter a year ago.

Production will actually be shown to have decreased due to peculiarity of contracts.

In January, Chevron said its fourth-quarter earnings jumped 72%.

Chevron will report first-quarter earnings on April 29.