Chevron Posts $5.67 Billion Profit, Topping Expectations

(Contra Costa Times/MCT) -

Chevron powered to a profit of $5.67 billion for its second quarter, up 5.6 percent from the year before, beating analysts’ estimates, although production fell, the energy giant reported Friday.

The earnings beat Wall Street’s projections. Per-share profits totaled $2.98 a share, while analysts had expected $2.66 a share. Revenue in the three months that ended in June fell short of expectations.

“Our second quarter earnings and cash flow were solid,” CEO John Watson said in a prepared release. “Current quarter earnings reflected stronger market conditions for crude oil.”

Production totaled 2.55 million oil-equivalent barrels a day during the April-June quarter, which was down 1.2 percent from the year-ago quarter.

“We continue to make significant progress on our major capital projects which are expected to underpin a 20 percent increase in production by 2017 and enable significant growth in our cash flows,” Watson said.