Chevron Falls as Output Drops Despie Rising Spending
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Chevron Corp. fell after posting the lowest second-quarter oil and natural gas output in six years as spending on new projects surged.
Chevron declined 1 percent to $127.90 at the close in New York. The production drop overshadowed the biggest quarterly profit increase in more than a year for the San Ramon, California-based company. Net income rose to $5.67 billion, or $2.98 a share, from $5.37 billion, or $2.77, a year earlier, Chevron said in a statement today. Per-share profit exceeded the average of 13 analysts’ estimates compiled by Bloomberg.