Chevron reported lower than expected third-quarter profits, with earnings of $6.5 billion or $3.48 per share, compared with $11.2 billion, or $5.78 per share, in the same period last year. Although oil prices remained high, higher costs for maintenance and operations hurt profits from oil and gas production as well as refining. Oil and gas production profit was $5.76 billion, down 38% from $9.3 billion last year. However, production volumes rose due to acquisitions. Shares fell in premarket trading.