Chevron (CVX) Reports Q2 Sales of $37B

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Go back to Chevron (CVX) Reports Q2 Sales of $37B

Chevron profit tumbles 90 percent, misses estimates; shares drop

July 31, 2015 10:01 AM EDT

By Ernest Scheyder

(Reuters) - Second-quarter profit at oil producer Chevron Corp tumbled 90 percent, missing analysts' expectations, amid weakness in oil prices.

Chief Executive John Watson bluntly said the results were "weak" and that he was working to slash costs by renegotiating supply contracts. Earlier this week, he laid off 2 percent of the company's staff.

"Multiple efforts to improve future... More