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.
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