NEW YORK (TheStreet) -- A day after Exxon Mobil (XOM) posted a drop in quarterly production levels, Chevron (CVX) is doing likewise. The oil producer, second-largest in the U.S., earned profits 27% less than a year earlier as the company suffered lower crude oil production and declining prices over the quarter.
The company attributed the drop to "global economic factors" and also said weather-related issues in two of its oil fields in Kazakhstan led to unplanned downtime.
Over the quarter, Chevron's production fell 2% to 2.59 million barrels of oil equivalent per day (boed).
- You can view the full analysis from the report here: CVX Ratings Report
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