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Chevron Corp (CVX.N: Quote, Profile, Research), the second-largest U.S. oil company, said on Friday its first-quarter earnings rose 10 percent as record oil prices outweighed weak profits from gasoline production.

Oil prices have soared more than five-fold since 2002 on surging demand from emerging economies, supply concerns and the weak dollar. They broke $100 a barrel for the first time during the first quarter and hit a record of nearly $120 earlier this week.

Chevron’s largest peers, Exxon Mobil Corp (XOM.N: Quote, Profile, Research), Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) and BP Plc (BP.L: Quote, Profile, Research), all posted sizable gains in the quarter, although Exxon’s results disappointed on weak oil and natural gas production.

Chevron’s net income in the quarter rose to $5.17 billion, or $2.48 a share, from $4.72 billion, or $2.18 a share, a year before online payday loan. Analysts, on average, had expected the company to earn $2.41, according to Reuters Estimates.

Last year’s results included a one-time $700 million gain from the sale of refining assets in the Netherlands.

Sales and other revenue in the quarter rose 40 percent to $64.67 billion.

Benchmark U.S. oil prices averaged a record of nearly $98 a barrel during the quarter, up nearly 70 percent from a year earlier.

But margins to produce gasoline have plummeted, with refiners struggling to push through higher crude costs to customers. First-quarter gasoline prices rose only 33 percent year over year in the U.S. — less than half crude’s rise. 

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