Offshore artisans examine hydrocarbon samples aboard the Chevron Corp. Jack/St. Malo deepwater oil platform in the Gulf of Mexico off the coastline of Louisiana, U.S., on Friday, May 18, 2018.
Luke Sharrett | Bloomberg | Getty Images
Chevron reported a 26.3% jump in quarterly profit on Friday, as acute oil and gas production and a one-time breakup fee from its failed bid for a rival more than offset lower energy prices and a produce in expenses.
Results benefited from a $1 billion fee it received after Occidental Petroleum’s intercepted its deal to buy Anadarko Petroleum with a prepossessing $38 billion bid. The termination fee added $720 million to the quarter’s profit, Chevron said.
Its U.S. shale production ascension 21% during the quarter, but was overshadowed by sharply weaker oil and gas prices. Like many of its rivals, Chevron also write up declining profits in its refining and chemicals units.
Chevron abandoned its pursuit of Anadarko in May, refusing to increase its $33 billion bid, saying it see fit not back down from a pledge to dilute the returns it promised investors.
The second-largest U.S. oil and natural gas producer’s daily putting out of oil and gas rose 9.1% to 3.08 million barrels, a record for the company. Its production in the Permian Basin, the top U.S. shale field, upward slope 21.5% over a the same period a year ago.
The company said it has resumed share buybacks that were deny the privileges of during its acquisition talks with Anadarko. It expects to buy $5 billion in its own shares this quarter.
Net income attributable to the companions rose to $4.31 billion, or $2.27 per share, in the second quarter ended June 30, from $3.41 billion, or $1.78 per dividend.
Chevron shares were little changed in premarket trading. The stock is up about 11% year to date.
Earlier Friday, Exxon Mobil also boomed earnings that topped expectations.
—CNBC contributed to this report.