Chevron reported quarterly earnings that beat analysts' expectations on Friday, as record-setting oil and gas production boosted the company's bottom line and executives forecast strong full-year output growth.
Shares of the oil major were rose more than 2 percent on Friday.
Chevron posted a profit of $4.05 billion for the quarter, more than double its earnings from a year ago. That came out to a profit of $2.11 per share, slightly beating Wall Street's expectations for $2.06 per share, according to Refinitiv.
"Our strong financial results reflect higher production and crude oil prices coupled with a continued focus on efficiency and productivity," Chairman and CEO Michael Wirth said in a statement.
The company pumped nearly 3 million barrels per day of oil equivalent, the most it's ever produced in a single quarter. The gains came as Chevron ramped up production from its Wheatstone liquefied natural gas project in Australia and as output continued to surge from its wells in the Permian Basin underlying Texas and New Mexico.
That helped drive a nearly seven-fold jump from third-quarter 2017 earnings in Chevron's oil and gas exploration and production business, where profits hit $3.38 billion this quarter.