NEW YORK, July 28: Chevron Corp. on Friday posted an 18pc jump in quarterly profit on surging crude oil prices, but the gain lagged behind increases reported by its peers as results at its international refining business restrained earnings.

Chevron, the No. 2 US oil producer, is the latest oil major to report higher quarterly earnings as crude prices stay at unusually high levels. But its gain was significantly smaller than the 35pc increase reported by Exxon Mobil Corp. or the 36pc rise announced by Royal Dutch Shell Plc on Thursday.

Chevron’s net income in the second quarter increased to $4.35bn, or $1.97 a share, from $3.68bn, or $1.76 a share, in the year-earlier quarter.

“I don’t get the feeling that they are executing nearly as strongly as their peers,” said James Halloran, an analyst with National City Private Client Group.—Reuters