Chevron Corp said on Friday first-quarter profits slid 27 percent from a year ea...
HOUSTON - Chevron Corp said on Friday first-quarter profits slid 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but the No. 2 U.S. oil and natural gas producer still topped forecasts.
Shares of San Ramona, California-based Chevron rose slightly to $118.40 in pre-market trading. Earlier this week, Chevron found itself in a takeover duel for Anadarko Petroleum Corp, a smaller oil and gas producer, when Occidental Petroleum Corp made a $38 billion offer that topped Chevron’s bid. “Earnings declined from a year ago largely due to lower crude oil prices and weaker downstream and chemicals margins,” said Michael Wirth, Chevron chief executive officer.
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