Chevron’s Fourth-Quarter Profit Squeezed by Refinery Repairs
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Chevron Corp., the second-largest U.S. energy company, said fourth-quarter profit was “significantly below” third-quarter results after maintenance work at a California refinery and the sale of a U.K. plant curbed fuel output. The shares fell more than 2 percent.
Profit from the company’s oil and natural-gas wells was comparable with third-quarter performance, the San Ramon, California-based company said in a statement today. Chevron’s refining business was “near break even,” according to the statement.