Page last updated at 14:47 GMT, Friday, 31 July 2009 15:47 UK

Weaker oil hits Chevron profits

A sign at a Chevron garage
Chevron is the latest to see its profits dented by severe market conditions

Chevron, the second largest oil company in the US, has posted a big fall in quarterly profits, as the price of oil more than halved from a year earlier.

Net profit between April and June came in at $1.75bn (£1.06bn), a fall of 71% from the $5.98bn it made a year ago.

The fall in the price of oil meant total revenue also fell by more than 50%, to $40bn.

On Thursday, oil giants Royal Dutch Shell and Exxon Mobil also reported similar falls in quarterly profits.

"The demand for refined products remained generally weak," said Chevron boss Dave O'Reilly.

The global economic downturn has hit demand for oil, so the price has fallen dramatically from its peak of $147 a barrel in July last year to just above $30 at the start of this year.

It has since recovered to $67 a barrel.

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