Chevron’s quarterly profit rises on higher oil prices and output

FILE PHOTO – The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo

HOUSTON (Reuters) – U.S. oil and natural gas producer Chevron Corp on Friday reported quarterly earnings that topped analysts’ estimates on higher prices and production, sending shares higher in premarket trading.

Results for the San Ramon, California, company reflected higher oil and gas production with output for the quarter up 156,000 barrels per day from a year earlier. Prices paid for its crude rose to $59 a barrel in the quarter, from $57 a year earlier.

The company reported per share profit of $1.97 a share compared to analysts’ mean forecast of $1.92 a share, according to Refinitiv. Shares were up 2 percent at $116.88 before the market opened.

Reporting by Jennifer Hiller; Editing by Chizu Nomiyama

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