(MENAFN) US oil giant firm Chevron Corp. reported a 33 percent decline in quarterly profits on lower oil and gas prices, AP reported.
The company said it made USD5.25 billion net profit during the third quarter, down from USD7.83 billion a year earlier. Revenue dropped to USD55.66 billion from USD61.26 billion.
Chevron, like other oil firms, is struggling amid sluggish global economy that has cut into worldwide demand for energy products, from gasoline and diesel to jet fuel.
Chevron said its refining business was hurt by the loss of a crude unit in an August refinery fire.
Disruptions in Chevron's Gulf of Mexico operations from Hurricane Isaac and planned maintenance at some international facilities has also trimmed into its total output, the company added.
Also, its operations remain idle off the shore of Brazil pending investigations into two oil spills. Some of the loss was made up by increased production on other properties.
Chevron's global production dropped 3 percent to 2.52 million barrels per day (bpd) in the quarter from a year ago.