The oil giants continue to report strong results in the second quarter, with Chevron (CVX - Free Analyst Report) being the latest to register a substantial year-over-year earnings increase. The world's fourth-largest oil company, based on proven reserves, posted second-quarter share net of $2.70, surpassing our $2.23 estimate and a whopping 210% above the year-earlier figure.

Both domestic and international upstream earnings rose thanks to new production from major project startups, expansion of capacity at Tengiz, Kazakhstan, and ramp ups in the U.S. and Brazil. The company's average sales price per barrel of crude oil and natural gas were also higher. Crude oil rose to $71 a barrel, compared with $52 a year ago, and natural gas increased to $4.20 per thousand cubic feet, compared with $3.48 in 2009's June quarter. Foreign currency effects increased profits in the quarter by $241 million, in contrast to a reduction of $453 million a year earlier.

Downstream results were notable due to enhanced refining margins, a favorable change in effects on derivatives, and higher chemical sales (thanks to inventory replenishment).

We now look for share net of $10.30 in 2010, 30% above our previous estimate and almost double the $5.24 earned in 2009.

This upbeat report comes one day after Exxon Mobil (XOM - Free Analyst Reportreported that its bottom line more than doubled from a year ago.

About The Company: Chevron Corporation is the world’s fourth largest oil company based on proven reserves. In 2009, daily gross production of crude oil and natural gas liquids topped 1.845 million barrels. Natural gas production, meanwhile, was just under 4.99 billion cubic feet. Net proved oil reserves were 8.589 billion barrels at the end of 2009, while natural gas reserves were 22.480 trillion cubic feet.