Aug 1, 5:11 PM (ET)
By JOHN PORRETTO
HOUSTON (AP) - Oil giants Chevron Corp. (CVX) (CVX) and Total SA (TOT) wrapped up a string of gargantuan, record-breaking earnings reports Friday, a stretch in which six of the major international oil companies topped $50 billion in combined profit for the first time.
While the profits of unparalleled size have brought withering criticism from Washington and disgust from consumers across the country, very few were surprised. Crude prices during the second quarter were nearly double what they were a year ago.
Chevron said Friday its second-quarter profit rose 11 percent to a record $5.98 billion.
Revenue rose significantly to $82.9 billion from $56.1 billion a year ago.
But results for the second-largest U.S. oil company missed Wall Street forecasts and shares fell.
Like its competitors, Chevron made the bulk of its money at its exploration and production arm, also known as the upstream, where income nearly doubled from a year ago to $7.25 billion.