Chevron Profit Dives Due to Recession

Second-quarter net income fell 71 percent to $1.75 billion, or 87 cents a share, from $5.98 billion, or $2.90, a year earlier. Analysts had expected a profit of 92 cents a share.

Still, the market seemed rather understanding on Friday. At the time of this writing, Chevron (CVX) stock is actually up $.97 per share.

This could be because of continuing favorable analyst view of the stock. For example, Raymond James analyst Pavel Molchanov said that Chevron stock is still a strong buy. Chevron has spread its refining operations around the world and doesn't depend on the weak American market as much, similar to Exxon-Mobil.

"Petroleum demand in the United States is the weakest of any major economy. They're particularly focused in Asia where the economy is relatively decent."