Oil Prices, Quarterly Earnings | featured news

Chevron Corp, the second-largest U.S. oil company, reported a slightly higher-than-expected quarterly profit as rising oil prices and refining margins made up for a decline in oil and gas production.

Chevron reported a 51% rise in second-quarter earnings as the second-largest U.S. oil company benefited from high crude prices and stronger refining margins.

Chevron says first-quarter earnings rose 36 percent. The company received higher prices for the oil it produced, and also made more money from refining oil.

Exxon Mobil and Royal Dutch Shell Plc reported big jumps in first quarter earnings and beat forecasts, thanks to high oil prices and healthy refining margins.

Exxon Mobil 3Q income increases 55 percent to $7.35 billion on higher oil prices

The oil giant’s second-quarter income nearly doubled as oil prices and margins to process crude into fuel rebounded.