Chevron puts land-based natural gas drilling on hold

NEW YORK

With natural gas plunging to about a quarter of its value last year, “it really doesn’t make sense right now to be drilling those gas wells,” he said.

Chevron, which operates one of the two refineries in Hawaii, said its net income amounted to $1.75 billion, or 87 cents a share, for the three-month period that ended June 30. That compared with $5.98 billion, or $2.90 a share, in the same period last year.