Chevron 2nd Quarter Profit Jumps 43 Percent To $7.7 Billion

SAN RAMON (CBS/AP) - Chevron reported its profit jumped 43 percent in the second quarter as higher oil and gasoline prices made up for a decline in oil production.

The San Ramon-based oil giant on Friday reported earnings of $7.7 billion, or $3.85 per share, for the three months ended June 30. That compares with $5.4 billion, or $2.70 per share, in the year-ago period. Revenue increased 31 percent to $66.7 billion.

Analysts had expected earnings of $3.51 per share, according to FactSet.

The results at Chevron Corp. mirror similar big gains for other major oil companies. In the second quarter, Exxon Mobil Corp.'s earnings rose 41 percent to $10.7 billion while Royal Dutch Shell's profit nearly doubled to $8.7 billion.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)