10. Chevron is a $200 billion energy major with both upstream and downstream operations. Sales for the second quarter of 2011 rose to $69 billion from $53 billion in the year-ago quarter, boosted by higher crude oil prices. Net income was reported at $7.7 billion, improving from $5.4 billion in the same quarter a year before. During the second quarter, Chevron announced that it had completed the sale of its fuels marketing and aviation business in three Central American countries, as well as other assets in North America and China. Regarding probable sales, John Watson, the company's CEO, said, "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." 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 8% during the last year and is trading with a price-to-earnings ratio of 7.3, based on estimated 2011 earnings. Among analysts covering the stock, 81% have buy ratings on it. The average analyst one-year price target is about 25% greater than the stock's current levels.