Chevron Expects Higher 1Q Profit Compared With 4Q

SAN RAMON (CBS/AP) - Chevron Corp. said Monday that higher oil prices will help it post a higher first-quarter profit compared with the fourth quarter of last year.

The oil company did not offer a specific profit forecast in advance of its quarterly report on April 29. But it says the outlook for its exploration and production arm has been improved by the rise in oil prices. They are up more than 30 percent since mid-February.

However, Chevron said it expects a "slightly lower" first-quarter profit at the portion of its business that includes oil refining, compared with the fourth quarter. The company cited reduced gains from asset sales, largely offset by higher U.S. profit margins.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)