Chevron continues strong results from big oil

By Reuters
Posted July 30, 2010 at 7:50 a.m.

Chevron Corp., the second-largest U.S. oil company, reported a three-fold jump in quarterly profit on rising oil output, higher energy prices and buoyant margins at its refineries, topping Wall Street forecasts.

The results follow the strong earnings reports from the world’s largest oil companies, including ExxonMobil Corp. and Royal Dutch Shell Plc Thursday.

Chevron’s second-quarter net income jumped to $5.4. billion, or $2.70 per share, from $1.75 billion, or 87 cents per share, a year before. Revenue rose to $53 billion.

Analysts had been expecting a profit of 2.44 per share, according to the average on Thomson Reuters I/B/E/S.

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