Chevron's profit plunges 71%

The oil company says second-quarter earnings were 87 cents per share, versus expectations for 97 cents.

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July 31, 2009: 9:27 AM ET

NEW YORK (Reuters) -- Chevron Corp. reported a 71% drop in second-quarter profit Friday as oil and gas prices fell from a year earlier and the economic slump shrank demand for fuel.

The second-largest U.S. oil company posted net profit of $1.75 billion, or 87 cents per share, down from $5.98 billion, or $2.90 a share, a year earlier.

Wall Street's average earnings forecast was 97 cents per share, according to Reuters Estimates.

On Thursday, larger rival Exxon Mobil Corp. (XOM, Fortune 500) reported a steeper-than-expected drop in profit, and Royal Dutch Shell Plc's (RDS.A) CEO said he saw no near-term respite from weak energy demand, excess capacity and high costs.

Chevron (CVX, Fortune 500) shares were down 1% at $67.00 in premarket trade after closing at $67.70 Thursday on the New York Stock Exchange.

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