Chevron Profit Tumbles After Restructuring Charges

Chevron Corp. said earnings fell 84%, reflecting more than $500 million in previously announced restructuring charges. The San Francisco-based oil firm, the nation’s largest fuel refiner and marketer, earned $50 million, or 15 cents a share, compared to $315 million, or 92 cents a share, in the second quarter of 1992. The results for 1992’s second quarter reflected special charges of $39 million. Special charges during the most recent quarter came to $515 million, reflecting mostly the restructuring of Chevron’s domestic refining and marketing businesses. Excluding the charges, earnings rose 60% to $565 million from $354 million, the company said. Revenue fell 6% to $9.9 billion from $10.5 billion.