8/2/2019, 2:32 PM (Source: TeleTrader)
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Chart for: Chevron Corporation

Chevron's profit rises 26.3% to $4.3B in Q2

Chevron Corp. announced on Friday that its net income stood at $4.29 billion in the three months through June, marking an improvement of 26.29% fro, the same period a year ago.

Revenues shrank 8% to $38.85 billion in the same period, the results showed. Diluted earnings per share (EPS) jumped to $2.27, 27.5% more than in the second quarter of the previous year.

"We continue to high-grade our portfolio and made progress on our three-year target of $5-10 billion of asset sale proceeds. During the quarter, we executed a sales agreement for our U.K. Central North Sea upstream assets, which we expect to close later this year. We also completed the acquisition of the Pasadena refinery in Texas, which will enable us to supply more of our retail market with Chevron-produced products and process more domestic light crude oil," CEO Michael Wirth stated.

Stocks rose just over 1% after the earnings report was published.

Breaking the News / NI