(Adds earning comparison, quarter details, stock)
By Ernest Scheyder
HOUSTON, April 28 Oil producer Chevron Corp
posted a better-than-expected quarterly profit on Friday
due to cost cuts, asset sales and rising crude prices.
Like many of its peers, Chevron has benefited from a jump in
oil prices after a two-year price downturn that rocked the
industry. The company's breadwinner oil and gas division swung
to a profit and earnings jumped in the refining division.
Divestitures, though, also boosted results, with sales in
Indonesia and elsewhere producing a one-time gain.
Chevron posted net income of $2.68 billion, or $1.41 per
share, compared to a loss of $725 million, or 39 cents per
share, in the year-ago period.
Excluding one-time items, Chevron earned $1.23 per share
during the quarter.
By that measure, analysts expected earnings of 86 cents per
share, according to Thomson Reuters I/B/E/S.
Production rose 0.4 percent to 2.67 million barrels of oil
equivalent per day, partly to increases in the Permian Basin of
Chief Executive John Watson told Reuters earlier this month
the Permian was vital to Chevron's
Shares of California-based Chevron rose 2.2 percent to
$107.80 in premarket trading.
(Reporting by Ernest Scheyder; Editing by Bernard Or)