Oil firms Total and Chevron reported improved profits for the first three months of the year as the higher price of oil helped boost revenues. Total's net profit was 2.3bn euros ($3bn; £2bn), almost 10% higher than the 2.1bn euros made in the same period a year earlier.
The French firm said oil prices were 70% higher compared with the first three months of 2009. Chevron's profit rose to $4.55bn ($3bn) from $1.84bn. The US firm's revenue rose 34% to $46.7bn. Total is currently being investigated in France on allegations of corruption. Earlier this month, a French judge filed preliminary charges against the company, accusing it of bribing Iraqi officials while Saddam Hussein was in power in order to secure oil supplies.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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