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Chevron turns to profit in Q2

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Staff Writer | July 28, 2017
Chevron reported that its second-quarter net income attributable to the company was $1.45 billion or $0.77 per share, compared to a loss of $1.46 billion or $0.78 per share in the second quarter of 2016.
Chevron   Foreign currency effects increased earnings
Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million.

Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the second-quarter. Analysts' estimates typically exclude special items.

"Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive," said Chairman and CEO John Watson. "We're delivering higher production with lower capital and operating expenditures."

Total revenues and other income for the quarter grew to $34.48 billion from $29.28 billion in the prior year. Wall Street analysts had a consensus revenue estimate of $32.67 billion for the quarter.

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