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Job Layoffs

Chevron profits plunge 91 percent on weaker crude oil prices

SAN RAMON, Calif. Chevron profits plunged 91 percent, a feeble financial result that was caused by falling oil prices and charges against earnings, the energy giant reported Friday in a release that came days after wide-ranging job cuts by the company. Shares of Chevron nose-dived more than 4 percent on Friday following the report, which missed Wall Street's expectations. "Second-quarter financial results were weak, reflecting a crude price decline of nearly 50 percent from a year ago," Chevron chief executive officer John Watson said. Chevron earned $571 million, or 30 cents a share, on revenue of $5.67 billion during the second quarter that ended June 30. Analysts had...

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