Chevron (NYSE:CVX) reported on Friday that it earned $7.21 billion during the second quarter, down 7% from $7.73 billion in the same period last year.
The oil giant said it had revenue of $62.6 billion for the quarter, down 9% from 2011. That disappointed Wall Street, which was looking for revenue of $71.4 billion, the Associated Press noted. EPS came in at $3.66, down from $3.85 last year, but well above the $3.23 that analysts had forecast.
Shares of Chevron slipped fractionally in Friday morning trading.
Oil prices slid during the quarter, as did oil and natural gas production, which was down 2.6% worldwide, the company said. Still, Chevron increased spending on exploration and development.
U.S. natural gas prices dropped by half compared to 2011.
Refining operation profits jumped 80%. Chevron sold a total of $200 million in assets during the quarter, including its South Korean energy business
Earlier this week, Exxon Mobil reported second-quarter earnings that missed analysts’ expectation, but earnings topped Wall Street forecasts.