Chevron posts record quarterly profit

BHP

Chevron Corp has posted its biggest quarterly earnings ever.

Chevron was buoyed by strong fuel margins and high prices for natural gas and oil.

The oil major boosted its share buyback target upon its record profit.

The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share.

That is more than triple the $3.1 billion, or $1.60 per share, in the same period last year.

Chevron’s average U.S. sales price for a barrel of crude oil and natural gas liquids was $89 in the quarter, up from $54 a year earlier.

The international sales price for crude was $102 per barrel, up from $62 a year earlier.

Chevron increased the top end of its annual share repurchase guidance range to $15 billion from $10 billion.