Fri, 02 Nov 2012 08:22:25 CDT
Chevron Corp posted a 33 percent drop in quarterly earnings as maintenance exacerbated a steady decline in output from oil and natural gas wells over the past year and as a huge fire at one of the company's California plants hit the refining business. The second-largest U.S. oil company said on Friday that third-quarter net income had fallen to $5.25 billion, or $2.69 per share, from $7.83 billion, or $3.92 per share, a year earlier. Increasing output has been a struggle for many big oil companies, including Exxon Mobil Corp and Royal Dutch Shell Plc....
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