Lower Production, Prices Hurt Chevron 3Q Profit
SAN RAMON (CBS/AP) — Chevron says its third-quarter net income fell 33 percent as production declined and it sold oil and gas at lower prices.
The nation’s second-largest oil company said Friday that it earned $5.25 billion, or $2.69 per share, in the July-through-September quarter. That compares with net income of $7.83 billion, or $3.92 per share, in the year-ago quarter.
Revenue fell to $55.66 billion from $61.26 billion.
Analysts, on average, predicted earnings of $2.83 per share on revenue of $67 billion.
The nation’s second-largest oil company says production fell as operations were disrupted by a hurricane in the Gulf of Mexico and planned maintenance. Some of the loss was made up by increased production on other properties.
Chevron Corp. shares fell $3.52, or just over 3 percent, to $107.94 in midday trading.
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