NEW YORK (Reuters) – Chevron Corp, the second largest U.S. oil company, reported Friday a drop of 51% in its third-quarter profit, hurt by the steep drop in prices of oil and natural gas margins anemic refineries.
Quarterly net income fell to $ 3.830 Chevron billion, or 1.92 dollars per share, from 7.890 billion, or 3.85 per share, in the same period last year.
Revenue fell 41% to 46.600 million, slightly less than the 47.000 billion that analysts had forecast. Rivals Exxon Mobil Corp. and Royal Dutch Shell on Thursday dispelled the hope of imminent improvement in the oil industry, saying that the slow economic recovery weighed on demand and energy prices.
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