Chevron’s quarterly profit more than doubles on rising oil prices

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(Reuters) U.S. oil and natural gas producer Chevron Corp. said on July 27 its quarterly profit more than doubled on rising oil prices and production.

Production rose about 2% to 2.83 million barrels of oil equivalent per day.

The company posted second-quarter net income of $3.41 billion, or $1.78 per share, compared to $1.45 billion, or 77 cents per share, in the year-ago quarter.

But the quarterly profit was less than analysts expected. Analysts expected earnings of $2.09 per share, according to Thomson Reuters I/B/E/S. Shares of the San Ramon, Calif.-based company fell 2.4% to $121 in premarket trading.

Executives also launched a long-awaited $3 billion share buyback program.

Chevron’s expenses rose about 15% during the quarter to $37.33 billion.

“Results in 2018 benefited from higher crude oil prices, strong operations and higher production,” Chief Executive Mike Wirth said in a press release.