Earnings report for Aug. 1

Dow Jones industrials firm: Chevron

NEW YORK -- Chevron said yesterday that its second-quarter profits fell 71 percent and the second-largest U.S. oil company put its entire land-based natural-gas drilling operations on hold, citing dismal demand.

"By the end of the year, we will not have a single gas land-rig running," George Kirkland, Chevron's executive vice president for global upstream and gas said in a conference call.

With natural gas plunging to about a quarter of its value last year, "it really doesn't make sense right now to be drilling those gas wells," he said.

Chevron said its net income amounted to $1.75 billion, or 87 cents per share, for the three-month period that ended June 30. That compared with $5.98 billion, or $2.90 per share, in the same period last year.

The company said its net income suffered from a weak U.S. dollar, amounting to $453 million in reduced earnings. That compares with an income benefit of $126 million in the same period last year.

Company shares rose $1.77 to close at $69.47 yesterday. -- The Associated Press

Richmond-based firm: Dominion

Net income climbed 52 percent to $454 million, or 76 cents a share, from $298 million, or 51 cents. Excluding an accounting charge and other one-time items, profit was 68 cents a share, 4 cents higher than the average of nine analyst estimates compiled by Bloomberg. Revenue gained 1.5 percent to $3.45 billion.

Dominion increased capacity of a liquefied-natural-gas plant on the Chesapeake Bay in Maryland and built pipelines as part of the Cove Point expansion project, which was completed in March. The company reduced its 2010 outlook because of uncertainty about an economic recovery.

"They had what looks to be a fairly good quarter," said Nathan Judge, an analyst at Atlantic Equities LLP.

Dominion stock fell 74 cents to close at $33.80 yesterday. -- Bloomberg News