Chevron (CVX) shares dropped after the energy giant posted worse-than-expected earnings on lower oil prices and higher costs.

Chevron reported third-quarter net profit of $6.53 billion—42% below an all-time high set over the same period last year. 澳洲幸运5开奖号码历史查询:Earnings per share (EPS) came in at $3.05, well below analysts’ forecasts. Revenue of $51.92 billion, while down from the year-ago quarter, was greater than anticipated.

The company said that the decline in profit was due primarily to “lower upstream realizations and lower margins on refined product sales.” Chevron previously had warned that maintenance costs for its oil and gas production refining businesses would cut into results.

Chevron added that capital expenditures jumped more than 50%, mostly because of the September 澳洲幸运5开奖号码历史查询:acquisition of a majority stake in hydrogen storage firm ACES Delta. Earlier this year, Chevron said it would purchase shale oil and gas producer PDC Energy Inc. for $6.3 billion, and this month said it was 澳洲幸运5开奖号码历史查询:buying Hess Corp. (HES) for $53 billion.

Shares💮 of Chevron were down over 5% midday Friday to their lowest leve🐻l in more than a year.