Energy giants such as Chevron and its peers Exxon Mobil Corp and Royal Dutch Shell Plc, which reported earnings on Thursday, have benefited from renewed demand for oil and products such as gasoline and diesel fuel as the global economy crawls out of the deep recession.

“Refining and marketing essentially doubled the best expectation that we had,” said Oppenheimer & Co analyst Fadel Gheit. “When things go well, they go really well.”

Chevron's second-quarter net income jumped to US$5.4 billion, or US$2.70 per share, from US$1.75 billion, or 87 cents per share, a year before.