NEW YORK (AP) — Chevron says its net income fell nearly 7 percent in the second quarter as oil prices and production declined.
The oil company earned $7.21 billion, or $3.66 per share, lower than the $7.73 billion, or $3.85, a year earlier. Revenue fell by 9 percent to $62.6 billion.
Chevron's results beat Wall Street estimates of $3.23 on revenue of $71.4 billion, according to FactSet.
Chevron Corp. says production fell 2.6 percent in the second quarter. Benchmark oil prices declined by about 9 percent.
Profit jumped 80 percent for Chevron's refinery business, reflecting the sale of South Korean assets and higher margins on gasoline and other fuels.
Shares rose by 35 cents to $108.62 in premarket trading.