SAN RAMON – Chevron Corp. (CVX) on Friday reported second-quarter earnings of $3.41 billion.
On a per-share basis, the San Ramon, California-based company said it had net income of $1.78.
The results missed Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.06 per share.
The oil company posted revenue of $42.24 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $40.78 billion.
Chevron shares have fallen 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 6 percent. The stock has risen 18 percent in the last 12 months.
