Chevron profit falls as oil and gas prices weaken

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© Reuters. FILE PHOTO: Chevron (CVX)'s logo is seen in Los Angeles© Reuters. FILE PHOTO: Chevron (CVX)’s logo is seen in Los Angeles

(Reuters) – Chevron Corp (NYSE:) 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, 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.

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