Chevron reports slump in third-quarter profit despite higher oil prices

Chevron posted a net profit of $6.5-billion, or $3.48 per share, compared to $11.2-billion or $5.78 per share, in the same period last year

The company had in July flagged that upstream turnarounds and downtime will likely reduce production by about 110,000 barrels of oil equivalent per day in the quarter.

Analysts have also flagged decline in North America activity as oil and gas prices moved lower from last year’s highs.The oil major posted a net profit of $6.5-billion, or $3.48 per share, compared to $11.2-billion or $5.78 per share, in the same period last year.Market data values update automatically. Checking box will enable automatic data updates.

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