Chevron Profit Falls On Refining Weakness
Chevron says net income fell 6 percent in the third quarter as weak refining results offset higher oil and gas production.
Chevron Corp. posted net income of $4.95 billion for the quarter on revenue of $56.6 billion. The company earned $5.25 billion on revenue of $55.66 billion in the same quarter last year.
The nation’s second-biggest oil company earned $2.57 per share. Analysts had expected earnings of $2.69 per share, on average, according to FactSet.
Chevron’s oil and gas prices and production rose, helping to increase revenue. But higher operating and exploration expenses partly offset those gains.
Weak refining results further eroded profits. Refining profit fell by 45 percent in the quarter because input costs such as crude oil stayed high while prices for fuel products such as gasoline fell.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.