Chevron profit falls on refining weakness

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Chevron says net income fell 6 percent in the third quarter as weak refining results offset higher oil and gas production.

Chevron posted net income of $4.95 billion for the quarter on revenue of $56.6 billion. The company earned $5.25 billion on revenue of $55.66 billion in the same quarter last year.

The nation's second-biggest oil company earned $2.57 per share. Analysts had expected earnings of $2.69 per share, on average, according to FactSet.

Chevron's oil and gas prices and production rose, helping to increase revenue. But higher operating and exploration expenses partly offset those gains.

Weak refining results further eroded profits. Refining profit fell by 45 percent in the quarter because input costs such as crude oil stayed high while prices for fuel products such as gasoline fell.

Analysts had expected Chevron to report earnings per share of $2.71 per share on $58.41 billion in revenue, according to a consensus estimate from Thomson Reuters.

Chevron slipped in pre-market trading after the report was released. (Click here to track the market reaction to Chevron's earnings.)

By The Associated Press