Chevron profit hit by oil, refinery weakness

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NEW YORK/SAN FRANCISCO (Reuters) – Chevron Corp (CVX.N) posted a 51 percent drop in quarterly profit on Friday, becoming the latest oil major to be hit by the steep decline in oil and natural gas prices and anemic margins at refineries.

Although the profit was better than expected, shares of the second-largest U.S. oil company behind Exxon Mobil Corp (XOM.N) slid 2.4 percent, in line with a sharp drop in U.S. crude prices and the broader stock market.

Chevron offset part of the sharp drop in energy prices in the past year by increasing its oil output and cutting costs during the quarter.

Reuters