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Energy Saving

Chevron profit falls 43% on falling oil prices

Chevron said Friday that its profit fell 43 percent in its first quarter as it dealt with falling oil prices. But its earnings still beat Wall Street expectations as it aggressively cut costs.

Shares of the oil and gas company fell $1.30, or 1.2 percent, to $109.76 in morning trading.

Several energy companies have announced plans to trim their spending and cut back on drilling due to lower oil prices. Oil prices have plunged as production continues to increase in the U.S. Chevron said it cut costs more than 30 percent to $31.65 billion in the three months ending March 31.

Chevron said its exploration and production business was most hurt by lower oil prices. That...