On Friday, July 28, oil and gas provider Chevron (NYSE:$CVX) released their second-quarter earnings. Both the company’s earnings per share and revenue surpassed analysts’ expectations thanks to cost cutting and improving oil and gas prices.

Chevron made $1.7 billion, or an adjusted earnings of $0.91 per share, in its second quarter, not including impairments and asset sales earnings. Revenue was $34.48 billion this quarter. Average analyst expectations for Chevron this quarter was an adjusted earnings of $0.87 per share and a revenue of $32.09 billion.

Besides beating analysts’ expectations, Chevron also made improvements year-over-year. For example, this quarter’s $34.48 billion in revenue was a significant rise from the $29.2 billion in revenue seen in Chevron’s 2016 second quarter. Chevron have also cut down costs by spending less this year. So far in 2017, the company has spent $8.9 billion — a lot less than the $12 billion spent last year.

Additionally, Chevron’s cash flow from operations was $8.9 billion — almost double the $3.7 billion in cash flow Chevron saw last year. This rise is pretty significant for Chevron as cash flow is one of the key metrics for oil and gas companies.

“Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive. We’re delivering higher production with lower capital and operating expenditures,” Chevron Chairman and CEO John Watson said.

Despite a loss in U.S. exploration and production, international earnings rose for Chevron. The company, like the rest in the oil and gas industry, have benefited from higher oil prices as well. On Wednesday, July 26, Chevron announced that the company’s dividend will remain the same as last quarter’s, which is $1.08.

As of 9:52 AM PT on July 28, Chevron’s stock has risen by about 2%, most likely due to the company’s strong earnings report.

Featured Image: twitter