4 Nov 2012

Chevron oil company profits fall

1:50 pm on 4 November 2012

US oil giant Chevron has reported a drop in profits due to lower oil prices and falling production.

Net profit for the three months to the end of September was $US5.3 billion, down a third on the $US7.8 billion the company made a year earlier. Revenue fell to $US55.7 billion from $US61.3 billion.

The results were worse than analysts had expected and Chevron shares closed down 2.8% in New York trading, the BBC reports.

Other US oil giants have also reported a drop in third-quarter profits.

Earlier this week, Exxon Mobil reported a 7% fall in net profit to $US9.57 billion after a big drop in exploration and production earnings.