Chevron profit soars 24 percent to new high

SAN RAMON, Calif. — Chevron Corp.’s profits soared to new heights in the second quarter, capping another round of astounding oil industry earnings that have piled up as high gasoline prices squeeze household budgets.

The San Ramon-based company said Friday that it made $5.38 billion, or $2.52 per share, during the three months ended June 30. That represented a 24 percent increase from net income of $4.35 billion, or $1.97 per share, a year earlier.

The performance by the nation’s second largest oil company outstripped the second-quarter showings of four other industry leaders that released their results earlier this week.

Exxon Mobil Corp. and ConocoPhillips each reported a lower profit, while BP PLC posted a modest earnings increase. Royal Dutch Shell PLC reported an 18 percent earnings increase that was largely propelled by asset sales.

Combined, the five oil companies earned $32 billion during the second quarter. That represented a 7 percent decrease from the same time last year, but this year’s results were dragged down by a $4.5 billion charge absorbed by ConocoPhillips to account for a dispute over its oil holdings in Venezuela. ConocoPhillips’ operating profit for the period increased.

For Chevron, the latest profit represents the most money that the company has made in any three-month period during its 128-year history, smashing its previous record of $5.02 billion set in last year’s third quarter.

What’s more, Chevron is on a pace to register a record annual profit for the fourth consecutive year. Chevron has already earned $10.1 billion through the first six months of this year, up 21 percent from last year’s record.

Exxon Mobil, which is nearly two times larger than Chevron, remains on track to surpass its 2006 profit of $39.5 billion — the highest ever reported by a U.S. company.