Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

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Chevron produced 1.57 million barrels of oil equivalent daily in the U.S. for the quarter, an increase of 35% over the same period last year.

The company's refining business faced lower sales margins and international gas took a modest hit as natural gas came under pressure.

Chevron attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Here is what Chevron reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Revenue: $48.72 billion vs. $50.66 billion expected

The oil major attributed the production gains to strong output in the Permian and the Denver-Julesburg basins.

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