Chevron Triples Earnings To $5.41 Billion (CVX)

Chevron Corporation CVX on Monday morning released financial results that beat Wall Street expectations. Chevron Corporation (CVX) reported that its 2nd quarter earnings jumped to $5.41 billion, or $2.70 per share, up from $1.75 billion, or 87 cents per share, a year earlier. Total revenue climbed to $53 billion, up from $40.2 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $2.44 per share, on revenue of $52.52 billion. “We had another very successful quarter – both operationally and financially,” said chairman and chief executive officer John Watson. “Current quarter earnings from upstream operations benefited significantly from higher prices for crude oil and natural gas and higher net oil-equivalent production. In the downstream, improved margins for refined petroleum products contributed to increased earnings.” Chevron Corporation closed the previous trading day at $76.02 per share. Analysts covering the company's stock have a consensus price target of $90.24 per share. Read more from Benzinga's Company news.