SAN RAMON, California (AP) — Chevron says profit fell 32 percent in the fourth quarter on lower oil and gas production and lower prices for refined fuels relative to the cost of crude.
Chevron Corp. reported net income of $4.93 billion on revenue of $53.95 billion for the final three months of 2013. That’s down from net income of $7.25 billion on revenue of $56.25 billion during the same period of 2012.
Chevron earned $2.57 per share, a penny less than analysts polled by FactSet had expected.
Despite the U.S. oil and gas boom, Chevron’s domestic production fell 4 percent in the quarter as increases in Pennsylvania and Texas were offset by declining production in older fields. Chevron’s international production fell 3 percent in the quarter.
Refining earnings fell 58 percent.