Chevron Profit Plummets to Lowest in a Decade
Chevron Oil Writedown Pushes Profit to 12-year Low
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Chevron Corp. posted its lowest profit in more than 12 years after an energy market rout prompted the company to write down the value of oil and gas fields by almost $2 billion.
Net income during the second quarter fell to $571 million, or 30 cents a share, from $5.67 billion, or $2.98, a year earlier, San Ramon, California-based Chevron said in a statement on Friday. The per-share result was well below the $1.16 average of 20 analysts’ estimates compiled by Bloomberg.