Chevron’s third-quarter profit slumps, shares fall 6%

Chevron’s third-quarter profit fell short of Wall Street estimates, causing its shares to drop by 6%. The decline in earnings is attributed to lower crude prices and increased costs impacting refining and chemical profits. Chevron earned $6.5 billion, down from $11.2 billion in the same period last year. The company also experienced setbacks in its Kazakhstan project, resulting in increased costs and a delay in expanding oil and gas production. Chevron’s acquisitions of rival Hess Corp, PDC Energy, and ACES Delta contributed to a rise in capital expenditures.