Chevron 3Q Results Miss Expectations

Chevron Personnel
Paul Sakuma/AP
By Matthew Rocco

Chevron (CVX), the second-largest U.S. oil company, reported on Friday a decline in quarterly profit due to the impact of lower refining margins, while oil and gas production increased but remained short of its target.

Third-quarter net income fell to $4.95 billion, or $2.57 per share, from $5.25 billion, or $2.69 per share, a year earlier.

The company produced 2.59 million barrels of oil equivalent per day in the quarter, up from 2.52 million bpd a year earlier. The company has been targeting 2.65 million bpd for this year, with output expected to grow by 25 percent by 2017.
Read Full Story

Markets

DJIA 24,100.51 -496.87 -2.02%
NASDAQ 6,910.67 -159.67 -2.26%
NIKKEI 225 21,374.83 -441.36 -2.02%
HANG SENG 26,094.79 -429.56 -1.62%
DAX 10,865.77 -58.93 -0.54%
USD (per EUR) 1.13 -0.01 -0.47%
JPY (per USD) 113.43 -0.12 -0.11%
GBP (per USD) 1.26 -0.01 -0.51%
USD (per CHF) 1.00 0.00 0.02%