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Chevron’s Net Income Falls 5 Percent As Oil Prices Slip

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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 SF) — Chevron said its net income fell 5 percent in the first quarter as oil prices slipped.

Chevron Corp., based in San Ramon, reported that net income fell to $6.2 billion, or $3.18 per share, on revenue of $56.8 billion. Last year the company earned $6.5 billion, or $3.27 per share, on revenue of $60.7 billion.

Analysts expected Chevron to earn $3.09 per share.

Production of oil and gas rose slightly in the quarter, but revenue and profit fell because of lower oil prices. Chevron’s average sale price for a barrel of oil slipped to $94 from $102 last year in the U.S., and to $102 from $110 abroad.

Performance at Chevron’s refining operations also slipped because of maintenance and upgrades at two U.S. refineries.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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