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Chevron sees Q2 earnings increase


Chevron reported second quarter net income of US$7.7 billion, up from US$5.4 billion in second quarter 2010 on the back of higher crude oil prices.


"Our second quarter financial performance was very strong,” said Chairman and CEO John Watson. “Earnings gains versus last year’s quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets.”

Chevron reported sales and other operating revenues in the second quarter 2011 hit US$67 billion, up from US$51 billion in the year-ago period, mainly due to higher prices for crude oil and refined products.

Worldwide net oil-equivalent production was 2.69mn bpd in the second quarter 2011, down from 2.75mn bpd in last year’s second quarter.

International upstream earnings came to US$4.9 billion and increase of US$1.47 billion from the second quarter 2010. This was mainly down to higher realisations for crude oil earnings between quarters.

International downstream operations earned US$480mn in the second quarter 2011, compared with US$542mn a year earlier. Earnings benefited from improved refined product margins in the 2011 second quarter.