Ouch. Their net income dropped from $5.01 billion to $3.72 billion. How ever will they survive with only $3.72 billion in net income?
Chevron Corp’s (CVX.N) third-quarter earnings fell more than 25 percent, missing analyst estimates on sharply lower profits from gasoline production.
Margins to produce gasoline and other refined products plummeted during the quarter as prices for the fuel did not keep pace with surging crude oil prices, dragging down earnings across the industry.
Exxon Mobil Corp (XOM.N), BP Plc (BP.L), Royal Dutch Shell Plc (RDSa.L), and ConocoPhillips (COP.N) all posted lower third-quarter earnings despite the sky-high oil prices.
Chevron, the No. 2 U.S. oil company, said on Friday its net income dropped to $3.72 billion, or $1.75 a share, from $5.01 billion, or $2.29 a share, a year earlier.
Excluding about $400 million of one-time items, it posted earnings of about $1.94 a share, coming in behind the average analyst estimate of $2.07 a share.
Revenue in the quarter rose to $55.17 billion from $54.21 billion.
Maybe, just maybe, if they weren’t gouging the customers so bad before the price of oil went through the roof, they wouldn’t be crying about the lower earnings now.
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