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Lower Production, Prices Hurt Chevron 3Q Profit

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A Chevron sign at a Bay Area gas station. (CBS)

A Chevron sign at a Bay Area gas station. (CBS)

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.

 

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

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