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Chevron Deals with Weakened Oil Market in Second-Quarter 2012, But Continues Expansions at Full Speed
SUGAR LAND--July 30, 2012--Researched by Industrial Info Resources (Sugar Land, Texas)--Weaker oil markets took a toll on Chevron Corporation (NYSE:CVX) (San Ramon, California) in the second quarter of 2012, as lower volumes and price realizations for crude oil, numerous maintenance projects, and production field declines led to lower profits and revenues. Still, the company continued global expansion projects, including in the Gulf of Mexico. Net income for the quarter was reported to be $7.21 billion, a 6.75% decrease from second-quarter 2011. Industrial Info is tracking more than $92.5 billion in active projects involving Chevron, including two that are part of Western Australia's $43 billion Gorgon Gas Project at Barrow Island.
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