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Chevron profit plunges on lower production, prices
Chevron profit plunges on lower production, prices

Chevron Corp. reported a steep decline in first-quarter profit because of lower global oil prices and bad weather that slowed oil production. Chevron said Friday that 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 in the same quarter last year. Analysts had expected Chevron to earn $2.54, on average, according to FactSet. Chevron shares fell 22 cents, or 0.2%, to $124.72. Chevron and other major oil companies are struggling to maintain production as they drain oil and gas from their fields...

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