SAN RAMON (AP) — Chevron turned a profit in the first quarter. But the company warned its financial picture is likely to be depressed in the future because of reduced demand caused by the coronavirus.

The San Ramon-based oil producer brought in $3.6 billion in profits, up 36% from the same time last year. CEO Michael Wirth says the growth was driven by margins in its refining business and increased production in the Permian Basin.

READ MORE: Knife-Wielding Man In Custody Following Standoff With Police in South San Jose

ALSO READ: Bay Area Gas Prices Drastically Drop During Coronavirus Shelter-In-Place

But the boost was also driven by the sale of upstream assets in the Philippines, favorable tax items and foreign currency effects which together totaled $1.2 billion.

READ MORE: Fremont Woman Killed in New York After Being Shoved In Front of Approaching Subway Train

Revenues were down 10% to $31.5 billion.

The price of U.S. benchmark crude has fallen nearly 70% since the start of the year, forcing oil companies to reign in drilling plans. Chevron reduced its capital expenditure budget to as low as $14 billion.

MORE NEWS: COVID: Unions Push Back On State Guidelines Allowing Health Care Workers With Coronavirus To Return To Work

© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.