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Chevron profit beats expectations, cost cuts offset cheap oil

The reliance on refining operations mirrored results at large, integrated rivals Exxon Mobil Corp (XOM.N) and Royal Dutch Shell (RDSa.L), as such companies tend to lean on their refining divisions for profit during times of cheap oil. Oil prices (CLc1) (LCOc1) have slumped more than 40 percent since June amid a glut of global supply. “The good thing about the quarter is that it’s over,” said Fadel Gheit, an oil