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Chevron Corp said its oil and gas production fell last quarter from third-quarter levels and the price it received for crude dropped.

The nation’s second-biggest oil company said average U.S. oil-equivalent production from  oil and gas wells fell to 650,000 barrels per day (bpd) in October and November from an average of 655,000 for the entire second quarter, and down almost 4 percent from the full-quarter average of 2.668 million from the year-earlier period.

In a statement, Chevron said net income during its fourth quarter was about $5 billion compared with a $7.25 billion during the same period in 2012.

Chevron said its average realized U.S. price for crude and related products was $90.17 per barrel in the first two months of the fourth quarter, down from $97.18 in the third.

California-based Chevron produced 2.56 million bpd worldwide in the first two months of the fourth quarter, down from 2.59 million in the third quarter.

Chevron said last month it plans to spend $39.8 billion in 2014 on exploration and capital investment, 5.5 percent less than the $4.2 billion it spent in 2014.