Jim Cramer Blog

Chevron Corp.'s profits surged to a new high during the second quarter as the nation's second largest oil company cashed in on higher gasoline prices and cashed out of a major investment.

The San Ramon-based company said Friday that it earned $5.38 billion, or $2.52 per share, during the three months ended June 30. That compared with net income of $4.35 billion, or $1.97 per share, a year earlier.
The performance outstripped the second-quarter showings of four other major oil companies that released their results earlier this week. Exxon Mobil Corp. and ConocoPhiillips each reported a lower profit, while BP PLC posted a modest earnings increase. Royal Dutch Shell PLC reported an 18 percent earnings increase that was largely propelled by asset sales.
For Chevron, the latest profit represents the most money that company has made in any three-month period during its 128-year history, smashing its previous record of $5.02 billion set in last year's third quarter.

Labels: Chevron Corp., CVX