News Summary: Chevron earnings slide

News Summary: Chevron earnings dip on lower oil prices, refinery output

Associated Press

OIL SLIDE: Chevron Corp. reported Friday that net income fell to $6.18 billion, or $3.18 per share, on revenue of $56.82 billion. Last year the company earned $6.47 billion, or $3.27 per share, on revenue of $60.71 billion. Production was up slightly, but oil prices slipped.

UNREFINED: Chevron's refining profit also fell, due to maintenance and upgrades at refineries in El Segundo, Calif. and Pascagoula, Miss. and continued repairs at its Richmond Calif. refinery in the wake of an August fire.

DRILLING DOWN: Chevron hopes to increase production by 25 percent to 3.3 million barrels per day by 2017.

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