Soaring oil prices are buoying profits for most energy firms

Chevron made $3.7bn in the second quarter, while Unocal earned $475m.

Results across the energy sector have proved healthy in recent days, as soaring oil prices have seen sales and profits jump.

Unocal has accepted a $17bn (�9.7bn) bid from Chevron, spurning a higher one from Chinese state-owned firm CNOOC.

Shareholders could still choose the $18.5bn Chinese offer, but that would require approval from a multi-agency government panel.

An energy bill passed by both houses of the US Congress has added a 141-day delay before the review, to allow for a study on whether China's thirst for oil is harming US economic or national security interests.

Despite beating forecasts, Chevron's profits were in fact 10% lower than in the same period last year.

Weakness in its refining and marketing was partly at fault, with profits in the two sectors down 7%, while a decline in output also offset the boost from oil prices up 50% since the start of the year.