Chevron profits tumble 71 pct because of cheap oil

Chevron on Friday said that its second-quarter profits fell 71 percent and the second-largest U.S. oil company put its entire land-based natural gas drilling operations on hold, citing dismal demand.

"By the end of the year, we will not have a single gas land-rig running," George Kirkland, Chevron's executive vice president for global upstream and gas said in a conference call.

With natural gas plunging to about a quarter of its value last year, "it really doesn't make sense right now to be drilling those gas wells," he said.

Chevron said 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.

Read Full Article from The Associated Press

- Posted: 2009-07-31 12:29:34

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