Chevron stock surges as profit more than triples and blows past expectations, as oil prices jump

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Shares of Chevron Corp. CVX, +8.90% shot up 3.5% in premarket trading Friday, after the oil giant reported second-quarter profit that more than tripled and revenue that rose more than 80% to blow past expectations, boosted by a surge in oil and natural gas prices and U.S. dollar strength. Net income rose to $11.62 billion, or $5.95 a share, from $3.08 billion, or $1.60 a share, in the year-ago period, with currency effects increasing earnings by $688 million. Excluding nonrecurring items, adjusted earnings per share jumped 240.4% to $5.82, well above the FactSet consensus of $5.08. Revenue soared 82.9% to $68.76 billion, smashing the FactSet consensus of $58.66 billion. Cash flow from operations rose to $21.8 billion from $11.2 billion. For U.S. Upstream, average sales price per barrel of crude oil and natural gas liquids climbed 64.8% to $89, and the average sales price of natural gas jumped 188.0% to $6.22 per thousand cubic feet. Net oil-equivalent production grew about 3.2% to 1.17 million barrels per day. For U.S. Downstream, refinery crude oil input fell 8% to 881,000 barrels per day, due primarily to planned turnarounds. The company said it more than doubled investment to grow traditional and new energy business lines. The stock has run up 28.2% year to date through Thursday while the Dow Jones Industrial Average DJIA, +0.97% has declined 10.5%.

This article was originally published by Marketwatch.com. Read the original article here.

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