Chevron Corp. reported a net income of $2.58 billion in the third quarter, down from $4.05 billion in the same quarter last year, and missed Wall Street expectations.
The San Ramon, California-based company reported earnings of $1.36 per diluted share; analyst consensus expectations were $1.49 per share.
Chevron reported $36 billion in revenue, down from $44 billion in the same quarter last year.
“Third quarter earnings and cash flow were solid, but down from our very strong results of a year ago,” said Michael Wirth, Chevron’s chief executive officer in a statement.
“Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year’s third quarter.”
Natural gas production increased 17 percent from last year’s third quarter.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.