Chevron's profit plunges 71%
The oil company says second-quarter earnings were 87 cents per share, versus expectations for 97 cents.
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. 
-
Pam Koner helped strangers through the recession. How are they faring? More -
Cloud whitening and space Frisbees could slow global warming. What'll work? More -
5 metro areas where a family can afford a home -- and the 5 where they can't. More -
Shot during the Fortune Most Powerful Women Summit, some of the world's most influential leaders. More -
These workers fear that settling for a survival job could hurt them when hiring picks up again. More
