Chevron Corp.'s third-quarter profit plunged even further than analysts feared, driven by the second largest U.S. oil company's inability to recover its higher refining costs at the gasoline pump.
The San Ramon-based company, which has a refinery in El Segundo, said Friday that it earned $3.72 billion, or $1.75 per share, for the three months ended in September. That represented a 26 percent decline from net income of $5.02 billion, or $2.29 per share, at the same time last year.
Analysts were bracing for a lower profit, but the erosion was worse than their average earnings esteimate of $2.07 per share, based on a poll by Thompson Financial.
Revenue growth also was lackluster druing the quarter, edging up just 2 percent to $55.2 billion.
Read the AP article.
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