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Chevron Follows Exxon With Earnings Miss on Stagnating Oil Prices

Chevron Corp. swung to a second-quarter profit as the second-largest U.S. oil explorer lifted production from oil and gas wells by the most in more than 7 years. The shares rose.

The San Ramon, California-based driller earned 77 cents a share in the quarter, a dime less than the average of 21 estimates relying on generally-accepted accounting principals. Excluding non-cash costs related to unidentified asset impairments and other items, however, the per-share result was 91 cents, on an adjusted basis.

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