Record production volumes lift Chevron profit

Oil major Chevron Corporation saw an increase in its quarterly earnings boosted by record production volumes driven by growth in the Permian Basin and at Wheatstone in Australia.

Chevron on Friday reported earnings of $4.3 billion for second quarter 2019, compared with $3.4 billion in the second quarter of 2018.

Included in the current quarter were earnings of $740 million associated with the Anadarko merger termination fee and a non-cash tax benefit of $180 million related to a reduction in the Alberta, Canada corporate income tax rate. Foreign currency effects increased earnings in the 2019 second quarter by $15 million.

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