US oil company Chevron announced Friday a net profit of $6,259 million (€5,943 million) for the first quarter, up 355% from the same period a year earlier.

The company had a turnover of 54.373 million dollars, almost 70% more than the level recorded a year ago, according to the statement quoted by Lusa.

The second largest North American oil company saw its results favored by the sharp rise in hydrocarbon prices in the quarter.

Following Russia's invasion of Ukraine and the economic sanctions imposed by Western countries on Moscow, the price of oil skyrocketed on international markets due to fears of limits on supply, which led to the barrel temporarily trading at over $130.

The oil company raised its production forecast by 15% for the year as a whole.

Chevron's chief executive Mike Wirth said the company is "doing its part to increase domestic supply, with oil and gas production in the United States up 10% from a year ago."