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Higher oil and gas prices boost Chevron 2Q earnings 43 percent
NEW YORK (AP) ' Chevron says profit jumped 43 percent in the second quarter as higher oil and gasoline prices made up for a decline in oil production.
The San Ramon, California, oil giant on Friday reported earnings of $7.7 billion, or $3.85 per share, for the three months ended June 30. That compares with $5.4 billion, or $2.70 per share, in the year-ago period. Revenue increased 31 percent to $66.7 billion.
Analysts had expected earnings of $3.51 per share, according to FactSet.
The results at Chevron Corp. mirror similar big gains for other major oil companies. In the second quarter, Exxon Mobil Corp.'s earnings rose 41 percent to $10.7 billion while Royal Dutch Shell's profit nearly doubled to $8.7 billion.