Chevron (NYSE:CVX) Earnings: Up, Up, and Away!

Earnings for Chevron Corp. (NYSE:CVX) skyrocketed in the latest quarter, tripling during the period, while exceeding analysts’ projections.

Second-quarter profits soared to $5.41 billion, or $2.70 a share, up from the $1.75 billion, or 87 cents a share, during the same quarter last year.

Analysts had been looking for earnings per share of $2.46.

As with their major competitors Exxon Mobil Corp. (NYSE:XOM) and ConocoPhillips (NYSE:COP), refining margins increased significantly during the reporting period, generating much of the earnings. Demand for fuel also rose around the world, contributing to the strong numbers from more sales and higher prices. The average price of U.S. oil futures was $78.05 a barrel for the quarter.

Revenue surged to $53 billion, a gain of 32 percent.

Production for oil and gas increased to 2.75 million barrels a day, an increase of 2.8 percent.