Statistics of fluctuations of low‐frequency sound in the ocean are analyzed for an arbitrary number of paths. Covariances are derived for the intensity, phase rate (time derivative of the phase), and related parameters. Power spectra are derived from the covariances. The multipath results are based on weakly fluctuating single paths whose phase is perturbed by the internal‐wave field. The theory is illustrated by deriving some results for a single internal wave. We specialize to a large number of equal energy paths by appealing to the central‐limit theorem which states that the Cartesian components for the multipath field are Gaussian distributed. Some results available in the literature are shown to be valid for the special case of a large number of paths. Power spectra for data obtained in a recent experiment are shown to follow the predictions of this analysis.