Chevron said second quarter profit rose to $7.7 billion, or $3.85 per share, from $5.4 billion, or $2.70 per share, a year earlier.

Revenue rose 30 percent to $69 billion. high oil prices and stronger refinery margins offset lower oil output. Analysts on average were expecting a profit of $2.70 cents a share, on revenue of $71.6 billion according to Thomson Reuters.