Chevron Corporation, the world's second-largest
energy company by market value, reported Friday that second-quarter
profits had declined by 26 per cent from a year earlier.
The decline echoed recent quarterly reports from other energy giants including as Exxon, whose earnings dropped 57 per cent in the second quarter, ConocoPhillips and Shell.
Chevron's net income dropped to 5.4 billion dollars. Sales dropped by 8.4 per cent to 57.4 billion dollars.
Chevron's oil and natural gas output fell 1.6 per cent, reflecting the trend of lower oil prices and refineries operating below capacity, with overall production flat.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- SoCalGas Reaches Record Spend on Diversity Suppliers
- U.S. to Relinquish Gov't Control Over Internet
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Koch Brothers Step up Anti-Obamacare Campaign