Chevron Sees Profit Rise; Shares Gain


NEW YORK (TheStreet) -- Chevron (CVX) said Monday evening it expects its second-quarter earnings to be higher than that of the first quarter, driven by downstream results -- inclusive of the chemicals business segment -- and a stronger U.S. dollar.

During the first quarter, the company posted earnings of $4.55 billion, or $2.27 a share, compared with $1.84 billion, or 92 cents a share, the previous year.

This guidance comes as a breath of fresh air amid an oil industry that had been depressed by the economic recession, forcing Chevron to lay off thousands of workers last year.

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Chevron will report its second-quarter results on July 30 before the market opens.

Analysts on average are expecting earnings of $2.18 a share.

Shares of Chevron were rising in premarket trading Tuesday, up 1.2% to $72.70.
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-- Reported by Andrea Tse in New York

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