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Chevron 4Q profit falls on refinery decline

High gas prices are posted at a Chevron gas station in Redwood City, Calif., Friday, Nov. 2, 2007. Chevron Corp.'s third-quarter profit plunged even further than analysts feared, driven by the second largest U.S. oil company's inability to recover its higher refining costs at the gasoline pump. (AP Photo/Paul Sakuma)
AP Photo/Paul Sakuma

NEW YORK - Chevron (CVX) says its net income slipped 3.2 percent in the fourth quarter as its refineries struggled to pass on the higher cost of crude oil.

The San Ramon, Calif. oil giant on Friday reported net income of $5.12 billion, or $2.58 per share, in the final three months of 2011. That compares with $5.3 billion, or $2.64 per share, in the same part of 2010. Revenue increased 11.9 percent to $60 billion.

The results fell short of Wall Street profit forecasts of $2.86 per share, according to FactSet.

For the full year, Chevron Corp. earned $26.9 billion, or $13.44 per share, compared with $19 billion, or $9.48 per share in 2010. Annual revenue increased 23.3 percent to $253.7 billion.