Blog: Weaker oil hits Chevron profits

Chevron, the second largest oil company in the US, has posted a big fall in quarterly profits, as the price of oil more than halved from a year earlier.
Net profit between April and June came in at $1.75bn (￡1.06bn), a fall of 71% from the $5.98bn it made a year ago.
The fall in the price of oil meant total revenue also fell by more than 50%, to $40bn.
On Thursday, oil giants Royal Dutch Shell and Exxon Mobil also reported similar falls in quarterly profits.
“The demand for refined products remained generally weak,” said Chevron boss Dave O’Reilly

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