Chevron’s profit tumbles as oil prices fall

updated 9:30 a.m. ET May 1, 2009

HOUSTON - Chevron Corp. says its first-quarter profit fell 64 percent as it, along with competitors, was stung by lower oil and natural gas prices.

Chevron, the second-largest U.S. oil company, said Friday its profit for the first three months of 2009 amounted to $1.84 billion, or 92 cents per share. That compared with $5.17 billion, or $2.48 per share, in the quarter a year ago.

The most-recent result included gains of about $400 million, or 20 cents per share, for the sale of assets, so adjusted net income amounted to 72 cents a share. Thomson Reuters says analysts it surveyed expected earnings of 81 cents per share. Those estimates typically exclude one-time items.

San Ramon, California-based Chevron says total revenue fell 45 percent to $36.1 billion from $65.9 billion a year ago.

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