Chevron Says Second-Quarter Profit Boosted by Asset Sales

Jul 10, 2014 5:47 pm ET

(Updates with asset sales value in first paragraph.)

July 10 (Bloomberg) -- Chevron Corp., the world’s third- largest energy producer by market value, said more than half a billion dollars in asset sales helped lift second-quarter profit higher than the first three months of the year.

Chevron sold $500 million to $600 million in assets such as oil and natural gas wells during the April-to-May period, according to a statement the San Ramon, California-based company issued today.

Production for the first two months of the quarter averaged the equivalent of 2.566 million barrels of crude a day, according to the statement. If that pace held for the final month of the period, output slid 0.6 percent from the second quarter of 2013.

Chevron is scheduled to release full results for the quarter on Aug. 1. The statement was released after the close of regular U.S. stock trading. Chevron shares have risen 4.3 percent this year, underperforming the 6.3 percent gain of the Standard and Poor’s 500 Index.

Exxon Mobil Corp. is the world’s biggest energy company by market value, followed by Royal Dutch Shell Plc, according to data compiled by Bloomberg.