Chevron Says Net Income Suffered as Energy Output Declined
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Chevron Corp., the world’s second-largest energy company by market value, will report a drop in fourth-quarter profit after oil and natural gas production declined amid slumping prices.
Net income during the period was “comparable” to the $5 billion earned during the third quarter, the San Ramon, California-based company said in a statement yesterday. That compares with a $7.25 billion profit for the final three months of 2012.