Chevron 4Q profit falls 3 percent on refining

January 27, 2012 — NEW YORK (AP) — Chevron Corp. said Friday that net income slipped 3.2 percent in the fourth quarter as its refineries struggled to pass on the higher cost of crude oil.

The San Ramon, California, oil giant reported net income of $5.12 billion, or $2.58 per share, in the final three months of 2011. That compared with $5.3 billion, or $2.64 per share, in the same part of 2010. Revenue increased 11.9 percent to $60 billion.

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