Chevron Profit Tumbles 37%, Hurt by Refining Slump

Chevron, the second-largest U.S. oil company, posted a 37 percent drop in quarterly profit as refining troubles offset gains from higher oil prices and production.

Fourth-quarter net profit fell to $3.07 billion, or $1.53 per share, from $4.9 billion, or $2.44 per share, in the same quarter a year before.

Revenue rose nearly 12 percent to $48 billion.

Chevron said earlier in January that fourth-quarter profit would be hit by the slump in its refining business, which saw margins fall to the lowest levels of the year.

Production was 2.78 million barrels of oil equivalent per day in the quarter, up more than 9 percent from a year earlier.

Shares of Chevron [CVX  73.24  —  UNCH  (0) ] rose less than 1 percent to $73.46 in premarket trade.

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