Houston, August 2 (FFN) – Chevron, the American oil giant, reported a more than 25% decline in second-quarter profit, falling short of market expectations. Reuters reported the news.
The company posted a net income of $4.43 billion (4.11 billion euros) in the second quarter, compared to $6.01 billion in the same period last year.
Adjusting for special items, profit came in at $4.68 billion, or $2.55 per share. This fell short of analysts’ expectations of $2.93 per share.
Revenue reached $51.18 billion, representing a 4.7% year-on-year increase.
The company had previously warned in early June that maintenance on some of its oil and gas facilities would impact its second-quarter results. Earnings from oil and gas production declined by 9.4%, while profits from gasoline and chemicals production fell by approximately 60%. (1 EUR = 1.0789 USD)
