By Ovunc Kutlu
ISTANBUL (AA) - American energy major Chevron saw its earnings decline 26% in the second quarter of this year, compared to the same period of last year, according to its financial results statement released Friday.
The company posted total earnings of approximately $4.43 billion in April-June period of this year, down 26.3% from $6.01 billion the same period of last year.
"Foreign currency effects decreased earnings by $243 million," said the statement.
The firm's net oil-equivalent production, on the other hand, rose to more than 3.92 million barrels per day, up 32.4% from 2.96 million barrels per day, during that period.
Net oil-equivalent production in the US was up 353,000 barrels per day from a year earlier due to record high production in the oil-rich Permian Basin, according to the statement.
Amid decline in earnings, Chevron shares were down 2.93% at 2.25 p.m. EDT on the New York Stock Exchange.