Second quarter profit at oil producer Chevron Corp, on Friday, tumbled 90 per cent, 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 lay off two per cent of the company’s staff.
“Multiple efforts to improve future earnings and cash flows are underway,” Watson said in a statement on Friday.
Chevron earned a net income of $571 million, or 30 cents a share, compared with $5.67 billion, or $2.98 per share, a year earlier.
Excluding one-time items, Chevron earned 97 cents a share.
By that measure, analysts expected earnings of $1.16 per share. Shares fell two per cent to $91.25 in premarket trading on Friday.