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Anadarko merger termination fee helps Chevron post higher Q2 net income YOY

Chevron Corp. reported Aug. 2 that its GAAP net income totaled $4.31 billion, or $2.27 per share, for the second quarter, up from $3.41 billion, or $1.78 per share, a year ago.

The company beat the S&P Global Market Intelligence GAAP consensus estimate of $1.83 per share.

"Included in the current quarter were earnings of $740 million associated with the [Anadarko Petroleum Corp.] merger termination fee and a non-cash tax benefit of $180 million related to a reduction in the Alberta, Canada corporate income tax rate," Chevron said.

The upstream segment contributed $3.48 billion for the quarter, topping $3.30 billion in the prior-year period.

Revenues and other income amounted to $38.85 billion during the quarter, down from $42.24 billion in the prior-year period.

Average production totaled 3.08 million barrels of oil equivalent per day for the quarter, up from 2.83 million boe/d.