For the second quarter, Chevron reported earnings of $7.7 billion, or $3.85 per share, compared with $5.41 billion, or $2.70 per share, for the same quarter of 2010. The earnings line represented a full 43% year-over-year improvement, while the per-share figure came in $0.23 above analysts' consensus expectations. Sales increased 31% to $66.7 billion.
Nevertheless, the company's shares were essentially flat yesterday.
For the sake of comparison, Exxon's earnings increased by 41%, while Royal Dutch Shell
Looking at Chevron's world production, the company averaged 2.69 million barrels per day in the quarter, a decline of 2% from a year ago. That was still smaller than forlorn BP's
Downstream, Chevron increased its earnings by 30% in the U.S. amid stronger margins and results from jointly owned Chevron Phillips Chemical Co. Conversely, much of the 11% international earnings slippage related to foreign currency effects.
Beyond a recitation of the company's metrics, during the quarter Chevron began construction on the Caspian Pipeline Consortium line, which will span nearly 940 miles from Kazakhstan to a Black Sea terminal. In Australia, the company received initial approval for the Wheatstone liquefied natural gas project and inked a sales contract for Wheatstone gas with Tokyo Electric.
Furthermore, the company received an exploration permit for potential shale gas on a million-acre block in Bulgaria. In the U.S., it again has three rigs working in the deepwater and is testing an ultra-deepwater Gulf shelf gas play. At the same time, it bought 228,000 additional Marcellus acres in Pennsylvania from a pair of private companies.
Chevron has added 45% to its common shares' lowest price during the past year, and the company is expected to have more room to roam. We can help you keep tabs on Chevron with My Watchlist, our free, personalized stock-tracking service.
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We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Fool contributor David Lee Smith doesn't own shares in any of the companies named in this article. The Motley Fool has a disclosure policy.