SAN RAMON (CBS SF) — Chevron said its net income fell 5 percent in the first quarter as oil prices slipped.
Chevron Corp., based in San Ramon, reported that net income fell to $6.2 billion, or $3.18 per share, on revenue of $56.8 billion. Last year the company earned $6.5 billion, or $3.27 per share, on revenue of $60.7 billion.
Analysts expected Chevron to earn $3.09 per share.
Production of oil and gas rose slightly in the quarter, but revenue and profit fell because of lower oil prices. Chevron’s average sale price for a barrel of oil slipped to $94 from $102 last year in the U.S., and to $102 from $110 abroad.
Performance at Chevron’s refining operations also slipped because of maintenance and upgrades at two U.S. refineries.
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