Chevron, the world’s third-largest oil producer by market value, said second-quarter profit rose after it sold assets and crude prices climbed.
Net income increased to $5.67billion, or $2.98 a share, from $5.37billion, or $2.77, a year earlier, the California-based company said in a statement.
Chairman and chief executive John Watson is spending almost $40billion this year to drill for new discoveries and transport oil, gas and fuels such as diesel to markets.
Chevron reduced its 2014 production target in March and said July 10 that downtime at a field in Kazakhstan and a liquefied natural gas facility in Angola would cut production.
Brent crude futures, a global benchmark, rose 6% from a year earlier to average $109.76 a barrel in the second quarter. Natural gas futures prices in New York rose 14% to average $4.579 per million British thermal units.
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