Chevron Corporation, the world’s second-largest energy company by market value, reported Friday that second-quarter profits had declined by 26 per cent from a year earlier.
The decline echoed recent quarterly reports from other energy giants including as Exxon, whose earnings dropped 57 per cent in the second quarter, ConocoPhillips and Shell.
Chevron’s net income dropped to $5.4 billion. Sales dropped by 8.4 per cent to $57.4 billion.
Chevron’s oil and natural gas output fell 1.6 per cent, reflecting the trend of lower oil prices and refineries operating below capacity, with overall production flat.