Chevron Corp. said quarterly profit dropped to the lowest in half a decade as collapsing global crude markets spurred billions of dollars in oil-industry spending cuts.
The second-biggest U.S. energy company by market value said its capital spending budget would be US$35-billion this year, 13% less than 2014.
Chevron Corp, the second-largest oil company in the United States, said on Wednesday it expected first-quarter income to slip because of high currency conversion costs and environmental charges in its mining unit.
Output from the company’s oil and natural wells fell because of bitterly cold weather throughout the United States, Canada and Kazakhstan.
The company, which operates in about 180 countries, expects foreign currency exchange charges of $100 million for the first quarter.
U.S.energy behemoth Chevron Corp. (CVX) released its fourth-quarter 2010 interim update, covering the first 2 months of the quarter. On the whole, the update is on the bullish side, with earnings expected to be higher than the previous quarter.
Reuters - Chevron Corp , the second-largest U.S. oil company, reported on Friday a sharp rise in quarterly profit, as oil prices bounced back strongly in the past year, offsetting lower earnings from its refineries.