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.
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