Chevron quarterly profit drops 64 percent on low oil prices

[October 30, 2015]  (Reuters) - Chevron Corp, the second-largest U.S.-based oil producer, posted a 64 percent drop in quarterly profit on Friday as cost cuts failed to offset tumbling crude <CLc1> and natural gas prices.

The company reported net income of $2.04 billion, or $1.09 per share, compared with $5.59 billion, or $2.95 per share, in the year-ago period.

Production fell 1 percent to 2.5 million barrels of oil equivalent per day (boe/d).

(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)

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