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Chevron Corporation (CVX) announced its third quarter financial results, reporting a decline in profit that surprised investors. The second-largest U.S. oil company behind ExxonMobil (XOM) reported net income of $4.95B, or $2.57 per share, down from $5.25B and $2.69 per share a year ago. Chevron’s oil production increased from 2.52 million barrels of oil equivalent per day to 2.59 million, with 2.65 million the goal for the year. CEO John Watson attributes the decline in income primarily to lower refining margins, which had a large impact on the company. Chevron is forecasting a large part of its growth in the coming years will be in Australia, and the company has increased its annual capital spending by $7B to a planned $36.7B.