Chevron Corp. said Friday its second-quarter earnings tripled on higher fuel prices and better refining margins.
The San Ramon, Calif. company reported income of $5.4 billion, or $2.70 per share, for the three months ended June 30. That compares with $1.7 billion, or 87 cents per share, in the same part of last year. Revenue jumped 32 percent to $53 billion.
Chevron easily beat most Wall Street expectations.
Analysts had expected earnings of $2.44 per share on revenue of $52.5 billion.
Chevron's results mirror other major petroleum companies including Exxon Mobil and ConocoPhillips, which also reported big gains in second-quarter income this week. Oil prices jumped 31 percent in the quarter and natural gas prices increased 14 percent. Most companies cranked up production to take advantage.
The refining business also rebounded from a woeful 2009, when companies struggled to pass higher oil prices along at the pump. As the U.S. and other countries pull themselves from recession, demand for petroleum products is on the rise, again boosting profit margins for refineries.
During the quarter, Chevron's downstream business, which includes refineries, reported earnings of $975 million, up from $131 million in the year-ago period.
Shares fell 42 cents to $75.60 in pre-market trading as oil prices tumbled nearly 2 percent.
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