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 25,250.55 -89.44 -0.35%
NASDAQ 7,430.74 -66.15 -0.88%
NIKKEI 225 22,271.30 -423.36 -1.87%
HANG SENG 25,445.06 -356.43 -1.38%
DAX 11,614.16 90.35 0.78%
USD (per EUR) 1.16 0.00 0.25%
USD (per CHF) 0.99 0.00 -0.39%
JPY (per USD) 111.75 -0.44 -0.39%
GBP (per USD) 1.32 0.00 0.37%