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News Summary: Chevron 3Q earnings slip

The Associated Press

MORE OIL, LESS PROFIT: Chevron Corp.'s net income fell 6 percent in the third quarter as weak refining results and higher operating costs offset higher oil and gas production and prices.

THE BOTTOM LINE: The nation's second-biggest oil company reported net income of $4.95 billion for the quarter, or $2.57 per share, on revenue of $56.6 billion. The company earned $5.25 billion on revenue of $55.66 billion in the same quarter last year. Analysts had expected earnings of $2.69 per share, on average, according to FactSet.

UNREFINED: Chevron's refining profit fell by 45 percent in the quarter because input costs such as crude oil stayed high while prices for fuel products such as gasoline fell.