SAN RAMON, Calif. (AP) — Chevron Corp. (CVX) on Friday reported second-quarter net income of $4.31 billion.

The San Ramon, California-based company said it had profit of $2.27 per share.

The results topped Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.

The oil company posted revenue of $38.85 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $41.69 billion.

Chevron shares have climbed 11% since the beginning of the year, while the Standard & Poor’s 500 index has increased 18%. The stock has fallen almost 4% in the last 12 months.


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