Chevron posted net income of $4.95 billion for the quarter on revenue of $56.6 billion. The company earned $5.25 billion on revenue of $55.66 billion in the same quarter last year.
Financial analysts had expected earnings of $2.69 per share, according to FactSet. Chevron earned $2.57 per share.
Chevron’s oil and gas prices and production rose, helping to increase revenue. But higher operating and exploration expenses partly offset those gains.
Chevron is among the 10 largest investor-owned companies of any kind in the world by market capitalization. As a member of the Dow Jones industrial average and a major component of the S&P 500 index, its stock is widely held by private investors through mutual funds and exchange-traded funds.