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Chevron profit falls as oil and gas prices weaken

Chevron profit falls as oil and gas prices weaken
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo -
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Mike Blake(Reuters)
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(Reuters) – Chevron Corp <CVX.N> reported a 36% drop in third-quarter profit on Friday as the oil major was hit by lower oil and gas prices due to record shale oil output in North America and a slowing global economy.

Net income attributable to the company fell to $2.58 billion (£1.99 billion), or $1.36 per share, in the three months ended Sept. 30, from $4.05 billion, or $2.11 per share a year earlier.

Chevron’s worldwide net oil equivalent production grew about 3% to 3.03 million barrels per day, but average sales prices fell both in the United States and internationally.

(Reporting by Shariq Khan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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