Chevron (CVX) became the latest energy company to report lower quarterly profit on Friday, weighed down by the plunge in oil prices, yet results still beat expectations. The company reported net income of about $2.5 billion, or $1.37 a share, down from about $4.5 billion, or $2.36 a share, a year ago, but easily topping analysts’ expectations of $0.79 a share, according to Thomson Reuters. As with some of its peers like Exxon (XOM), the company’s refining unit aided results. Earnings in Chevron’s refining business more than doubled to about $1.4 billion, as low oil prices helped margins. The company said production grew 4% to nearly 2.7 million barrels of oil equivalent a day.
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