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.

Increase your money and finance knowledge from home

Understanding Stock Market Indexes

What does it mean when people say "the market is up 2%"?

View Course »

Investor’s Toolbox

Improve your investing savvy with the right financial toolset.

View Course »

Add a Comment

*0 / 3000 Character Maximum