San Ramon-Based Chevron Sees Income Slip After Production Decrease

SAN RAMON (CBS/AP) - Chevron Corp. (CVX) says its net income fell 27 percent in the first quarter because of lower global oil prices and decreased production of oil as a result of bad weather.

Chevron said Thursday it earned $4.52 billion in the first three months of the year on revenue of $50.98 billion. Last year during the same period, Chevron earned $6.18 billion on revenue of $54.3 billion.

On a per share basis, Chevron earned $2.36, down from $3.18 last year. Analysts had expected Chevron to earn $2.54, on average, according to FactSet.

Chevron's oil and gas production fell 2 percent and the company earned 3 percent less per barrel of oil sold because of weaker crude oil prices. That was offset somewhat by higher natural gas prices in the U.S.

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