US giant’s quarterly profits jump

US OIL giant Chevron posted a 43% jump in quarterly profits yesterday on the back of higher prices for crude and refined products.

Earnings were £4.7billion during the three months to the end of June, up from £3.3billion in the second quarter of 2010.

Revenue in the latest period came in at £41billion, compared with £31billion a year earlier, despite a 2% drop in total production.

No reference was made to its recently abandoned Lagavulin well, west of Shetland, which proved uncommercial after a sidetrack and cost the firm an estimated £250million.

By contrast, Eni, which has interests in the North Sea, said it suffered from a unfavourable euro/dollar exchange rate, competitive pressures and a weak trading environment in its downstream business as it announced second-quarter adjusted net profits of £1.4billion – down from £2.2billion a year earlier – on sales down 23% year-on-year at £19.2billion.