A soaring profit at Chevron’s refineries eased some of the pain of a weaker second quarter.
The oil giant said Friday net income fell nearly 7 percent to $7.21 billion, or $3.66 per share. But the results beat expectations thanks to a strong performance from its refinery business.
Like its peers, the oil giant is struggling to find and replace its sources of petroleum. The world’s slowing economy has also pushed down prices for the crude it sells.
But the lower prices had benefits. Profits at Chevron’s refining and marketing business rose 80 percent. Its refineries paid less for oil while selling gasoline at higher prices on the West Coast.