(Chevron Corp.) Chevron Corporation announced earnings of $3.1 billion in the second quarter of 2021, up from a loss of $ 8.3 billion in the same quarter last year.
The company’s diluted EPS was $1.6 — a contrast to a loss of $4.44 reported in the second quarter of 2020.
Chevron’s jump in profits reflects the rise in oil demand, with prices above $60 a barrel from March and closing at $74 a barrel on Thursday.
Chevron reported total revenue of $ 37.6 billion in the second quarter, a jump from $13.5 billion reported in the same quarter last year.
The company announced that it will resume its share repurchase plan, which had been paused since March last year at $2-3 billion per year. Chevron’s dividend increased by 4% in April.
CVX: NYSE is up +1.39% on pre-market
