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.

Also in msnbc.com business Your Career: Married to the job, and each other Answer Desk: Qualifying for more jobless benefits Venza sorta-crossover is Toyota’s latest mistake ConsumerMan: Chinese drywall remains a big threat   Video: Nervous retailers begin Christmas countdown

MORE FROM EARNINGS

Earnings Section Front

Beazer Homes posts quarterly profit Berkshire Hathaway's profit triples AIG posts 2nd consecutive quarterly profit Starbucks sees increase in spending, visits Toyota posts surprise third-quarter profit Cisco earns down; says ‘tipping point’ passed GMAC Financial Services 3Q loss narrows Comcast's net income rises 22 pct Time Warner third-quarter profit drops Pulte Homes posts third-quarter loss Earnings Section Front   Add Earnings headlines to your news reader: