Net income for the second quarter of 2011 was reported at $7.7 billion, improving from $5.4 billion in the same quarter prior year. Sales rose to $69 billion from $53 billion in the year-ago quarter, riding on higher crude oil prices.
"We reached an important milestone in streamlining our downstream asset portfolio with receipt of government approval for the planned sale of our refining and marketing assets in the United Kingdom and Ireland," said John Watson, the company's CEO. During the quarter, Chevron completed the sale of its fuels-marketing and aviation businesses in three Central American countries, as well as other assets in North America and China.Chevron's capital outlay was $13.4 billion for the first six months of 2011, and it is actively pursuing projects in the upstream segment. The stock gained 34% during the last one year and is trading at 7.3 times with 81% buy ratings. Chevron's 2011 earnings are estimated to grow with 25% upside.