(Reuters) - Chevron Corp , the second-largest U.S. oil company, reported better-than-expected quarterly profit on Friday as higher energy prices offset rising expenses and production dips in Kazakhstan.
CHEVRON (CVX.NY)s reliance on higher crude oil and natural gas prices to boost results, even as production falls, mirrored results from rival Exxon Mobil Corp
Chevron said net income rose to $5.67 billion, or $2.98 per share, in the second quarter, from $5.37 billion, or $2.77 per share, in the year-ago period.
Analysts expected earnings of $2.66 per share, according to Thomson Reuters I/B/E/S.
Production fell 1.4 percent to 2.5 million barrels of oil equivalent per day (boe/d).
Chevron is currently funding five major expansion projects it hopes will boost production by 20 percent by 2017.
In a press release announcing the earnings, Chevron made no mention of Apache Corp's
Shares of Chevron rose 0.6 percent to $130.06 in premarket trading.
(Reporting by Ernest Scheyder; Editing by Franklin Paul and Jeffrey Benkoe)
