Sales and other operating revenues in second-quarter 2010 were $51 billion, up from $40 billion in the year-ago period due mainly to higher prices for crude oil, natural gas and refined products.
"[image-nocss] We had another very successful quarterboth operationally and financially," said chairman and CEO 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."
U.S. downstream operations earned $433 million in second-quarter 2010, compared with a loss of $51 million a year earlier. The increase was due mainly to improved margins on refined products, a favorable change in effects on derivative instruments and higher earnings from chemicals operations.
Branded gasoline sales decreased 5% to 605,000 barrels per day.
San Ramon, Calif.-based Chevron is one of the world's leading integrated energy companies. It explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels.
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