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Chevron Reports Second Quarter Net Income Of $7.7 Billion, Up From $5.4 Billion In Second Quarter 2010

Chevron Corporation (NYSE:CVX) today reported earnings of $7.7 billion ($3.85 per share – diluted) for the second quarter 2011, compared with $5.4 billion ($2.70 per share – diluted) in the 2010 second quarter.

Sales and other operating revenues in the second quarter 2011 were $67 billion, up from $51 billion in the year-ago period, mainly due to higher prices for crude oil and refined products.

Earnings Summary
Three Months

Ended June 30
  Six Months

Ended June 30
Millions of dollars   2011   2010   2011   2010
Earnings by Business Segment
Upstream $ 6,871 $ 4,542 $ 12,848 $ 9,266
Downstream 1,044 975 1,666 1,171
All Other     (183 )     (108 )     (571 )     (476 )

Total (1)(2)
  $ 7,732     $ 5,409     $ 13,943     $ 9,961  

(1) Includes foreign currency effects
$ (81 ) $ 241 $ (245 ) $ 43

(2) Net income attributable to Chevron Corporation (See Attachment 1)

“Our second quarter financial performance was very strong,” said Chairman and CEO John Watson. “Earnings gains versus last year’s quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets.”

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