News Summary: Chevron expects earnings drop in 3Q

Associated Press

SLIDING: Oil giant Chevron Corp. said Tuesday that third-quarter earnings will be "substantially lower" than in the second quarter.

FIRE AND RAIN: Chevron's oil production fell in the first two months of the quarter. In addition, results from refining and marketing dropped off as a fire damaged Chevron's refinery in Richmond, Calif., and Hurricane Isaac disrupted production at a refinery in Mississippi.

GAS TROUBLE: The shutdown of a unit at Chevron's Richmond refinery in early August contributed to a shortage of gasoline in California. The price Spiked to a record $4.67 this week.

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