(MENAFN) Chevron Corp showed its biggest profit decline in four years in the second quarter of this year due to low crude oil prices and production, according to The Peninsula Qatar.
The per-share result was 19 cents below the average of 21 estimated, excluding one-time gains and losses reaching USD2.77 per share, from USD3.66 a year earlier.
"Chevron is looking at a natural decline in its resource base of 6 to 10 percent a year before they even do anything, so it's kind of like running up a down escalator," Edmund Cowart, who helps manage Chevron shares at Eagle Asset Management Inc. said."
John S Watson, Chevron Chairman and Chief Executive Officer, signed a USD1.24 billion agreement with Argentina's state-controlled YPF SA to explore a shale formation in the Latin American nation for oil and gas. Chevron estimated in March that its global output this year will rise 1.5 percent to an average of 2.65 million barrels a day.
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