Chevron's Record Earnings Can't Save Stock from Falling Oil Prices

Chevron's second-quarter earnings of $12.1 billion exceeded expectations, but the stock price fell after the announcement.

The energy company reported its highest quarterly result in at least six years, with adjusted earnings of $12.0 billion and a record US production level.

Despite this success, Chevron's stock traded 5.7% below its post-earnings level on August 3, down 2.10%, and is now 12.8% lower than its all-time high set in March.

The company's operations were clean, but one-offs included an asset sale gain of $230 million and pension settlement costs of $86 million.