Chevron's quarterly profit soars

[Auggie]

Source: Los Angeles Times

Chevron Corp.'s report continues what has been a strong week for Big Oil. Second-quarter earnings more than tripled over a year ago, to $5.4 billion.

Chevron Corp. continued what has been a very big week for most of the world's super-sized oil companies, shattering analyst expectations and more than tripling its second-quarter profit to $5.4 billion compared with a year earlier, company officials announced Friday.

San Ramon, Calif.-based Chevron's upstream performance was boosted by sharply higher oil and natural gas prices during the quarter, compared to the same period in 2009. Chevron's refining and marketing section or downstream even added a substantial boost to earnings after performing so poorly last year that the company decided cut its workforce in that segment.

"We had another very successful quarter — both operationally and financially," Chairman and Chief Executive John Watson said in a statement released before the company's earnings teleconference. "Current quarter earnings from upstream operations benefited significantly from higher prices for crude oil and natural gas and higher net oil-equivalent production."

Read more: http://www.latimes.com/business/la-fi-chevron-20100731,0,6153271.story

[Octafish]

1. Condescenda's Company!

War in Afghanistan has been very, very good to her peeps.