Chevron earnings fall 32 pct to $4.9 billion in 4Q on lower production

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In this May 23, 2013 photo, a United States flag flies in view of a Chevron gas station in Blaine, Wash. THE CANADIAN PRESS/AP, Elaine Thompson

SAN RAMON, Calif. – Chevron says profit fell 32 per cent in the fourth quarter on lower oil and gas production and lower prices for refined fuels relative to the cost of crude.

Chevron Corp. reported net income of $4.93 billion on revenue of $53.95 billion for the final three months of 2013. That’s down from net income of $7.25 billion on revenue of $56.25 billion during the same period of 2012.

Chevron earned $2.57 per share, a penny less than analysts polled by FactSet had expected.

Despite the U.S. oil and gas boom, Chevron’s domestic production fell 4 per cent in the quarter as increases in Pennsylvania and Texas were offset by declining production in older fields. Chevron’s international production fell 3 per cent in the quarter.

Refining earnings fell 58 per cent.

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