Profit jump for Chevron in Q2
Friday, July 29th, 2011Chevron, the second largest U.S. oil company, reported Friday a profit up sharply from April to June, supported by strong crude prices and improved refining margins, which offset the decline in production.
Earnings increased to $ 7.7 billion, or $ 3.85 per share, against 5.4 billion, or $ 2.70 per share a year earlier.
The turnover has meanwhile increased by 30% to register $ 69 billion.
The Thomson Reuters consensus I / B / E / S expected EPS of 3.56 dollars and sales of 71.58 billion dollars.
Barrels of oil equivalent per day, production stood at 2.69 million, compared with 2.75 million products a year earlier.
Chevron set a target to produce an average 2.79 million barrels of oil equivalent in fiscal 2011. These forecasts assumed that the courses would be lower.
French rival Total, for its part announced Friday the results down in the second quarter, affected by maintenance operations and political unrest in Libya, but said his confidence for the second half.
The day before, Exxon Mobil posted a profit below expectations, affected by an activity lower than expected in the refinery.
The title Chevron dropped by around 0.7% by 1430 GMT.
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