(SyndicateMyNews) - Chevron (NYSE: CVX) second quarter profit fell 71 percent on weaker prices for crude oil and gasoline. The results were lower-than-expected, though Chevron's share price was saved by a more optimistic outlook for the year.

Shares of Chevron traded up $1.09 at $68.79 in late afternoon trading in New York Friday after revealing its dramatic drop in second quarter earnings, though the news generally did not shock the street after other major oil companies had already released similarly dismal earnings results. But what saved Chevron's stock was more optimistic outlook for the year.

Chevron said revenue levels were crushed by lower prices at the wellhead, reporting a 41% drop in revenue for the period at $40 billion. The oil major reported earnings of $1.75 billion, or 87 cents per share, in the second quarter, down from $5.98 billion, or $2.90 a share, last year.

Energy pundits on Wall Street were expecting Chevron to report earnings of 97 cents per share as a whole. But Chevron's actual results were less-than-expected.

Chevron said gas production would drop 6 percent for the year, compared to a 7 percent prior estimate. The Company is awaiting an environmental permit for its Gorgon liquefied natural gas project in northwest Australia, which it expects to receive approvals fairly soon. Financing from partners ExxonMobil (XOM) and Royal Dutch Shell Plc (RDS-B) was also awaiting approvals. Both ExxonMobil and Shell announced severe cuts in second quarter earnings prior to Chevron, though the street is not expecting those companies to back out of or stall their portion of the funds needed for the gas project.