Chevron Profit Surged

US oil and gas giant Chevron said it earned $4.35 billion, or $1.97 per share, for the second quarter. That compared with net income of $3.68 billion, or $1.76 per share, at the same time last year. Revenue totaled $53.5 billion, an 11% increase from $48.3 billion last year.

But the results were below analysts' expectations, and the company's shares tumbled more than 3% this morning.