American energy giant Chevron saw its net income and revenue decline in the third quarter of 2019 due to low oil and natural gas prices, according to a financial results statement released by the company on Friday.
Net income attributable to Chevron corporation fell to $2.58 billion in July-September period of this year, from $4.05 billion the same period a year ago, marking a 36.3% decrease.
Revenue declined by 17.9% to $36.12 billion in the third quarter of 2019, from $44 billion the same period of 2018.
"Third quarter earnings and cash flow were solid, but down from our very strong results of a year ago," Chevron Chairman and CEO Michael Wirth said in the statement.
"Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year's third quarter," he added.
The company's net oil-equivalent production around the world was 3.03 million barrels per day (bpd) in the third quarter 2019, which was an increase of 2.36% from 2.96 million bpd from the same period of 2019, according to the statement.
By Ovunc Kutlu