Aug 2 (Reuters) - Oil giant Chevron Corp ( CVX ) missed
estimates for second-quarter profit on Friday, hurt by weak
refining margins, sending its shares down 1.5% in premarket
trading.
The miss came after Chevron ( CVX ) warned in June that maintenance
work at some its oil and gas production and refining facilities
would have an impact on its results.
Earnings from pumping oil and gas were down 9.4% from a
year earlier. Profit from producing gasoline and chemicals was
also down about 60% to $597 million.
"Despite recent operational downtime and softer margins,
we remain poised to deliver significant long-term earnings and
cash flow growth," CEO Mike Wirth said.
The company, whose $53 billion takeover of Hess has
been delayed to at least May next year, reported adjusted
earnings of $2.55 per share, missing analysts' estimates of
$2.93.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil
D'Silva)