News Summary: Chevron profit hurt by lower prices

The Associated Press

SLIPPING: Chevron Corp., the nation's second-largest oil company, reported third-quarter net income of $5.25 billion, or $2.69 per share. Revenue totaled $55.66 billion.

CRUDE AWAKENING: The sluggish global economy has cut into worldwide demand for energy products and concerns about growth have caused oil and natural gas prices to fall. Chevron also faced a series of issues that affected production, including Hurricane Isaac in the Gulf of Mexico, a California refinery fire and maintenance on facilities.

PRODUCTION PUSH: Chevron expects production to increase in the fourth quarter from the third quarter.