Chevron's 2Q profit falls on lower oil prices

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By DAVID KOENIG, Associated Press

Chevron's quarterly profit is huge — $5.37 billion — but it's down 26 percent from last year on lower oil prices and maintenance work at some refineries.

The results follow similar profit declines at Exxon Mobil and Shell, and they lag Wall Street expectations as well.

Chevron Corp. said Friday that it earned $2.77 per share in the second quarter, down from $3.66 per share. Year-ago net income was $7.21 billion.

Analysts were expecting earnings of $2.97 per share. Revenue was down 8 percent but still came in higher than expected at $57.37 billion.

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