Chevron profit drops on lower oil production, maintenance work

Reuters

Chevron Corp posted a drop in quarterly profit on Friday as maintenance exacerbated a steady decline in production from its oil and natural gas wells over the past year and as a massive fire at one of its California refineries hit the refining business.

The second-largest U.S. oil company said its third-quarter net income fell to $5.25 billion, or $2.69 per share, from $7.83 billion, or $3.92 per share, in the year-ago quarter. (Reporting by Braden Reddall in San Francisco; Editing by Gerald E. McCormick)

Continue Reading Below