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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