Chevron 2Q earns fall 71 percent as global petroleum demand falls

Chevron 2Q earns tumble 71 percent

NEW YORK — Chevron Corp. says its second-quarter profit fell 71 percent as demand for crude oil and gasoline plunged.

Chevron, the second-largest U.S. oil company, said Friday its net income amounted to $1.75 billion, or 87 cents per share, for the three-month period that ended June 30. That compared with $5.98 billion, or $2.90 per share, in the same period last year.

The company said its net income suffered from a weak U.S. dollar, amounting to $453 million in reduced earnings. That compares with an income benefit of $126 million in the same period last year.

Analysts surveyed by Thomson Reuters expected earnings of 95 cents per share. Those estimates typically exclude one-time items.

San Ramon, Calif.-based Chevron says total revenue fell 51 percent to $40 billion from $81 billion a year ago.