CVX Chevron Corporation

   By Allison Prang 
 

Chevron Corp.'s (CVX) profit decreased in the first quarter as the price of oil and certain margins hurt results but overall net-oil equivalent production per day increased.

Chevron reported earnings of $2.65 billion, down 27% from the comparable quarter a year prior. Earnings were $1.39 a share, down from $1.90 a share. Analysts polled by Refinitiv were expecting $1.43 a share.

The drop in profit was "largely due to lower crude oil prices and weaker downstream and chemicals margins," Chief Executive Michael Wirth said in prepared remarks.

Total revenue and other income fell 6.8% to $35.2 billion. Analysts were expecting $38.43 billion in revenue.

Worldwide net oil-equivalent production was 3.04 million barrels a day, up 6.5%.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 26, 2019 09:03 ET (13:03 GMT)

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