NEW YORK (AP) — Chevron Corp. said Friday that its profit slipped by 3.2 percent in the fourth quarter as its refineries struggled to pass on the higher cost of crude oil.
The San Ramon, California, oil giant reported net income of $5.12 billion, or $2.58 per share, in the final three months of 2011. That compared with $5.3 billion, or $2.64 per share, in the same part of 2010. Revenue increased 11.9 percent to $60 billion.
The net income fell short of Wall Street forecasts of $2.86 per share, according to FactSet. Shares dropped $3.26, or 3.1 percent, to $103.33 in morning trading.
Chevron, the second-largest U.S. oil company behind Exxon Mobil Corp., said that oil and …
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