(Reuters) ? Chevron Corp reported lower quarterly earnings on Friday as rising spending on oil and gas projects and losses at its refinery business offset gains from higher crude oil prices.
Oil and gas output at the No. 2 U.S. oil company also declined to 2.64 million barrels per day (BPD) from 2.79 million BPD a year-ago.
Fourth-quarter profit slipped to $5.1 billion, or $2.58 per share, from $5.3 billion, or $2.64 per share, a year earlier.
Shares of Chevron fell about 1 percent in premarket trading.
(Reporting by Matt Daily in New York, additional reporting by Braden Reddall in San Francisco, editing by Dave Zimmerman)
Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/nm/20120127/bs_nm/us_chevron
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