Chevron Profit Tumbles as Oil Production Falls, Prices Tank
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Chevron Corp., the second-biggest U.S. energy company by market value, said third-quarter profit declined as output plunged to a 4-year low, oil prices slumped and refining income dropped 65 percent.
Net income was $5.25 billion, or $2.69 a share, compared with $7.83 billion, or $3.92, a year earlier, San Ramon, California-based Chevron said in a statement today. Per-share results were 15 cents less than the $2.84 average of 19 analysts’ estimates compiled by Bloomberg.