Chevron Corp. said its first-quarter profit was...

Chevron Corp. said its first-quarter profit was down 23% due to sharply lower crude oil prices and refinery maintenance costs.

Chevron said profit fell to $388 million, or $1.19 a share, in the first three months of 1994, from $501 million, or $1.54 a share, a year earlier. Revenue fell to $8.3 billion from $9.1 billion.

“Our results were hurt by low crude oil prices and refinery downtime,” Chevron Chairman Ken Derr said in a statement.

The San Francisco-based oil company said first-quarter earnings were also reduced $36 million by special charges, compared to charges of $2 million a year ago.