Shares of oil giant Chevron (NYSE: CVX) jumped 2.6% this morning and raced toward an all-time high price within minutes of the market's opening as investors cheered the oil stock's latest quarterly numbers.

Chevron blew third-quarter earnings out of the water, handily beating Wall Street estimates and racking up huge profits and cash flows. It was, in fact, Chevron's second-most profitable quarter ever.

Chevron's third-quarter net income surged 83.6% year over year to $11.2 billion, driven primarily by a solid showing from its upstream segment. To make the most of high oil prices, Chevron invested aggressively and boosted production at the Permian Basin by 12% year over year.

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Source Fool.com