Chevron 3Q profit slips 2 pct

By CHRIS KAHN, AP Energy Writer

Friday, October 29, 2010

NEW YORK (AP) — Chevron Corp. says income slipped nearly 2 percent in the third quarter on costs related to the Gulf of Mexico drilling moratorium and hefty foreign exchange charges.

Chevron, America’s second-largest oil company, on Friday reported earnings of $3.77 billion, or $1.87 per share, for the three months ended Sept. 30. That compares with $3.83 billion, or $1.92 per share, in the year-ago period. Revenue increased 7 percent to $49.7 billion.

Analysts expected earnings of $2.15 per share on revenue of $49.5 billion.

Chevron said it benefited from higher oil and gas prices and better profit margins in its refining business. But it also booked $367 million in expenses for foreign currency effects.

Shares fell $1.29 to $83.15 in premarket trading.

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