Chevron 3Q Profit Plunges 26 Percent

Chevron Corp. third-quarter profit slid 26 percent, the steepest decline in five years as the energy market's unpredictable pendulum swung against the second-largest U.S. oil company and most of its peers.

The San Ramon-based company said Friday that it made $3.72 billion, or $1.75 per share, in the three months ended in September, down from net income of $5.02 billion, or $2.29 per share, at the same time last year.

Analysts were bracing for a lower profit, but the erosion was far worse than their average earnings estimate of $2.07 per share, based on a survey by Thomson Financial.

Revenue growth also was lackluster during the quarter, edging up …