Chevron sees profits tumble 25%

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US oil firm Chevron has seen quarterly profits fall by 25% after it was hit, like other energy firms, by lower gas prices and a drop in margins.

Its profits missed forecasts after reduced output at refineries failed to outweigh rising crude oil prices.

Chevron made a $3.72bn (£1.78bn) profit for the three months to the end of September, down from $5.01bn last year.

An unplanned closure in Mississippi and a scheduled shut-down in California both dented Chevron's output.

'Chronic performance'

While profits fell, revenue climbed to $55.17bn from $54.21bn a year earlier.

The firm's chief executive said one reason for the profit slide was an oversupply of gas in the markets.

Profits at the firm's global refining and marketing business dropped 74% to $377m, with its US division making a $110m loss.

"This company continues to operate its US refining system poorly and this is chronic," said Mark Gilman, an analyst with Benchmark.

Chevron's results come a day after Exxon Mobil reported a 10% drop in quarterly profits while, in October, BP saw profits fall by 45% after it too was hit by refining problems.