Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

Chevron beat earnings expectations Friday, but its profit fell from the year-ago period as its refineries and international gas business faced headwinds.The oil major's net income declined 16% to $5.5 billion, or 2.97 per share, compared with the same quarter a year ago. Excluding one-time items, Chevron reported earnings of$2.93 per share, which beat Wall Street estimates. Chevron attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in inte ...