Chevron, the second-biggest U.S. energy company by market value, said third-quarter profit declined as output plunged to a four-year low, oil prices slumped and refining income dropped 65 percent.
Net income was $5.25 billion, or $2.69 a share, compared with $7.83 billion, or $3.92, a year earlier, San Ramon, Calif.-based Chevron said in a statement Friday. Per-share results were 15 cents less than the $2.84 average of 19 analysts’ estimates. Chevron’s fuel-production profit fell by $1.3 billion to $689 million because of the plant outages and declining fuel margins.
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