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Chevron stock drops as third quarter disappoints

Net production amounted to 2.72mln barrels per day, up from 2.51mln barrels in the comparative period of last year.

Offshore oil operations
Chevron was down US$4.63 or 3.92% changing hands at US$113.87.

Chevron Corporation (NYSE:CVX) stock tumbled more than 3% on Friday after disappointing third-quarter results.

Net production for the three month period, ended September 30, amounted to 2.72mln barrels per day, up from 2.51mln barrels. In the United States output totalled 681,000 barrels oil equivalent per day, down 17,000 boepd from the same quarter last year.

Revenue for the period was stated at US$36.21bn, which was better than market expectations of US$34.04bn.

Earnings for the quarter were reported at US$2bn or US$1.03 per share, up from US$1.3bn or 68 cents per share - though that included a US$675mln gain related to asset sales as well as a US$220mln write off.

In New York, Chevron was down US$4.63 or 3.92% changing hands at US$113.87.

Quick facts: Chevron Corporation

Price: 75.11 USD

NYSE:CVX
Market: NYSE
Market Cap: $141.16 billion
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