Chevron (CVX) - Get Report, the world's second-largest energy company, reported third-quarter earnings of $1.3 billion, or 68 cents per share, crushing analysts' expectations on Friday.

Company followers surveyed by FactSet expected Chevron to report adjusted earnings of 40 cents per share on $29.1 billion in sales, vs. the company's second-quarter adjusted earnings of 34 cents per share on $29.3 billion. 

Chevron's $29 billion in revenue for the third quarter did miss analysts' estimates slightly, however, and came in below the $33 billion in sales the company reported this time last year.

The San Ramon, Calif.-based integrated oil major cited foreign currency effects for a $72 million bump in increased earnings this quarter, compared to an increase of $394 million a year earlier.

Chevron appears to be turning the ship around, despite being expected to report the steepest year-over-year earnings decline in its class.

In the company's Friday statement, chairman and CEO John Watson noted that Chevron's refineries are running well and that its Kazakhstan unit Tengizchevroil completed the largest turnaround in its history ahead of schedule and under budget. 

These factors, coupled with steady liquefied natural gas production and cargo shipments coming online, saw Watson calling for December production between 2.65 million and 2.7 million barrels of oil equivalent per day. 

Chevron's worldwide net oil-equivalent production was 2.51 million barrels per day in third quarter 2016, vs. 2.54 million barrels per day in the third quarter of 2015. 

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Like its larger peer ExxonMobil (XOM) - Get Report, Chevron's international upstream operations propped up the segment, with $666 million in third-quarter earnings, an improvement from the international unit's third-quarter 2015 earnings of $662 million.

But Chevron's U.S. upstream operations continue to founder, tallying a $212 million loss in the third quarter. 

The company's domestic and international downstream segments ran more smoothly, reporting $523 million and $542 million in earnings, respectively. 

Still, refining margins continue to hamper both, as the U.S. unit came in well below the $1.25 billion it earned this time a year ago, and the international segment also fell from the $962 million in earnings posted in the third quarter of 2015. 

Behind Chevron, BP (BP) - Get Report and Exxon were expected to come in with the greatest year-over-year earnings declines, while analysts thought Royal Dutch Shell (RDS.A) and France'sTotal (TOT) - Get Report would post lower declines.

Shell and BP report earnings Tuesday, Nov. 1, at 3 a.m. and 5 a.m. EDT, respectively. Total reported earnings of 84 cents per share early Friday.

The group as a whole is expected to report third-quarter earnings that are 26% below results from the third quarter in 2015.

Nevertheless, a consensus of analysts expect integrated oil majors to be up 29% on average quarter over quarter, with Shell and Exxon showing the highest earnings increase, followed by Chevron and BP.