US energy major Chevron reported a net income of more than $3 billion for the second quarter of 2021, against a loss of almost $8.3 billion a year ago, according to the company's financial results released on Friday.
For the first half of this year, the company posted a $4.5 billion income compared to a $4.7 billion loss in the first half of last year.
The company's revenue increased to $37.6 billion during the second quarter versus $13.5 billion during the same quarter last year. Its six-month revenue for 2021 amounted to $69.6 billion relative to $45 billion for the first six months of 2020.
'Second quarter earnings were strong, reflecting improved market conditions, combined with transformation benefits and merger synergies,' Chevron's chairman and CEO, Michael Wirth, was quoted as saying in the statement.
'Results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri,' he added.
Referring to the company’s future aims, Wirth spoke of Chevron's investments in a lower-carbon future and said the company announced plans with partners to develop carbon-negative bioenergy and commercially viable, large-scale hydrogen businesses.
By Sibel Morrow and Firdevs Yuksel