Chevron Corp.  (CVX) reported second-quarter earnings of 77 cents per share on Friday, July 28, reversing a loss of 78 cents a year earlier but falling short of analysts' expectations for earnings of 86 cents per share.

The swing to profit came as costs fell and production jumped 10% to 2.89 million barrels of oil per day.

The energy company posted $34.48 billion in revenue, beating analysts' forecasts of $33.04 billion. A year earlier, Chevron reported revenue of $29.28 billion.

Chevron CEO John Watson said the San Ramon, Calif.-based company is "delivering higher production with lower capital and operating expenditures."

In its upstream operations during the second quarter, Chevron reported a loss of $102 million on lower impairment charges, higher crude oil and natural gas realizations, higher gains on asset sales and lower operating expenses. Upstream saw a year-earlier loss of $1.11 billion. 

Chevron shares have fallen almost 10% so far this year. The stock rose 2.6% to $107.84 on Friday morning.

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