Chevron (NYSE:CVX) said Friday it turned a profit in the second quarter, citing higher oil prices and record production in the Permian Basin.
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The energy giant said it produced more oil and natural gas at an average price of $41 per barrel in the U.S., up from $36 a year ago. Domestic production jumped 19,000 barrels per day to 701,000, driven by shale plays like the Permian in Texas and New Mexico.
Globally, net production grew about 10% to 2.78 million barrels of oil equivalent per day.
San Ramon, California-based Chevron earned $1.45 billion, or 77 cents per share, in the second quarter, compared to a net loss of $1.47 billion in the year-ago period. Adjusted earnings, which exclude one-time charges, totaled 91 cents per share. The results beat analysts’ expectations for 87 cents.
Revenue surged about 18% to $33 billion, edging Wall Street’s estimate of $32.67 billion.
The Wheatstone LNG Project, which will produce liquefied natural gas in Australia, is expected to begin production next month, Chevron said.
Shares were up 1.7% at $107.91 in recent trading. Chevron has retreated 8.2% since the start of 2017.