Chevron 1Q Net Down 64% On Price Fall; Output Up

Chevron Corp.'s (CVX) first-quarter earnings fell 64% as lower oil and natural gas prices hit its exploration and production segment. However, the oil giant increased its quarterly production 2.5% compared with a year ago.

The nation's second-largest oil company by market capitalization behind Exxon Mobil Corp. (XOM) followed the trend of sharply lower profits announced in recent days by major producers, which after years of reporting skyrocketing earnings are now hurting from the collapse in oil and natural gas prices.

Chevron posted earnings of $1.84 billion, or 92 cents a share, down from $5.17 billion, or $2.48 a share, a year ago. The latest results included 20 cents a share in gains from the sale of refining and marketing assets and about $100 million in exploration write-offs.

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- Posted: 2009-05-01 09:30:15

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