US oil major Chevron was back in black in the first quarter of 2017 thanks to higher oil prices and lower costs.
Chevron, which has interests in 10 producing North Sea fields, recorded pre-tax profits of £2.4billion during the first three months of 2017, compared to a deficit of £1.3billion a year earlier.
Revenues jumped 42% year-on-year to £25.9billion.
Operating expenses were 14% lower than in the first quester of 2016, while capital expenditure dropped by more than 30% year-on-year.
Production increased by 3% and the firm is on course to meet its 4% to 9% output growth target for full-year 2017.
Chevron chief executive John Watson said: “First quarter earnings and cash flow improved significantly from a year ago.
“We benefitted from increasing crude oil prices and ongoing efficiencies being implemented across the company.”
Chevron operates the Alba, Captain and Erskine fields in the UK North Sea.
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