Chevron profit drops on lower oil production, maintenance work

Fri Nov 2, 2012 8:38am EDT

Nov 2 (Reuters) - Chevron Corp posted a drop in quarterly profit on Friday as maintenance exacerbated a steady decline in production from its oil and natural gas wells over the past year and as a massive fire at one of its California refineries hit the refining business.

The second-largest U.S. oil company said its third-quarter net income fell to $5.25 billion, or $2.69 per share, from $7.83 billion, or $3.92 per share, in the year-ago quarter.

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