Chevron’s third-quarter profit slumps despite higher oil prices

The company had in July flagged that upstream turnarounds and downtime will likely reduce production by about 110,000 barrels of oil equivalent per day (boepd) in the quarter.

Analysts have also flagged decline in North America activity as oil and gas prices moved lower from last year’s highs.

Upstream earnings fell about 38% to $5.8 billion in the quarter.

The oil major posted a net profit of $6.5 billion, or $3.48 per share, compared to $11.2 billion or $5.78 per share, in the same period last year.