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Chevron: Earnings Top Estimates, Revenues Miss

The company spent more on exploration as production slipped


Chevron (NYSE:CVX) reported on Friday that it earned $7.21 billion during the second quarter, down 7% from $7.73 billion in the same period last year.

The oil giant said it had revenue of $62.6 billion for the quarter, down 9% from 2011. That disappointed Wall Street, which was looking for revenue of $71.4 billion, the Associated Press noted. EPS came in at $3.66, down from $3.85 last year, but well above the $3.23 that analysts had forecast.

Oil’s Slide Spells Options Opportunity
Oil’s Slide Spells Options Opportunity

Shares of Chevron slipped fractionally in Friday morning trading.

Oil prices slid during the quarter, as did oil and natural gas production, which was down 2.6% worldwide, the company said. Still, Chevron increased spending on exploration and development.

U.S. natural gas prices dropped by half compared to 2011.

Refining operation profits jumped 80%. Chevron sold a total of $200 million in assets during the quarter, including its South Korean energy business

Earlier this week, Exxon Mobil reported second-quarter earnings that missed analysts’ expectation, but earnings topped Wall Street forecasts.

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