Chevron, Getty Realty Continue Wave of Higher Net Earnings

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Chevron, Getty Realty Continue Wave of Higher Net Earnings


SAN RAMON, Calif. And JERICHO, N.Y. -- Chevron Corp. and Getty Realty Corp. capped off a busy week of second quarter earnings releases. Other companies that reported earnings this week were Hess Corp., ConocoPhillips, Royal Dutch Shell plc, and Valero Energy Corp.

Chevron announced today that the company's net profits rose more than 40 percent in its fiscal second quarter, compared to the same period last year. Chevron earned $7.7 billion, an increase of 43 percent vs. the $5.4 billion figure it posted last year.

Chevron's sales and operating revenues increased by nearly one-third. Chevron took in $67 billion during the past quarter, compared to $51 billion during last year's fiscal second quarter.

"Our second-quarter financial performance was very strong," stated John Watson, Chevron's chairman and CEO. "Earnings gains vs. last year's quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets."

Chevron's earnings exceeded Wall Street analyst estimates. The California petroleum giant was expected to earn $7.12 billion for its second quarter.

Meanwhile, Getty Realty Corp. said it earned $15.2 million for its second quarter. That marks an 8-percent increase from the $14 million the company earned during the same quarter last year. The real estate investment trust, which owns and leases about 1,160 c-store and gas station locations, also reported that revenues from its rental properties increased $5.4 million to $27.1 million.

Getty, however, missed the expectations of analysts. Wall Street expected the company to earn more than $18.9 million for its latest quarter.