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Chevron Suffers Crude Oil Slowdown, Quarterly Profits Drop 27%

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A day after Exxon posted a drop in quarterly production, Chevron is doing likewise. The oil producer, second-largest in the U.S., earned profits 27% less than a year earlier as the company suffered lower crude oil production and declining prices over the quarter. The company attributed the drop to "global economic factors" and also said weather-related issues in two of its oil fields in Kazakhstan led to unplanned downtime. Over the quarter, Chevron's production fell 2% to 2.59 million boed.

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