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


(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.