Chevron Swings to 1Q Profit on Cost Cuts, Rising Oil Prices

Oil producer Chevron Corp said on Friday it swung to a first-quarter profit due to cost cuts and rising crude prices.

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The company 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.

Production rose 0.4 percent to 2.67 million barrels of oil equivalent per day. (Reporting by Ernest Scheyder)