U.S. Markets open in 3 hrs 13 mins

Chevron profit down 5 pct. on lower oil prices

The Associated Press

FILE - This April 21, 2008 file photo shows a Chevron flag flying over the Chevron refinery in Richmond, Calif. Chevron Corp. reports quarterly financial results before the market opens on Friday, April 26, 2013. (AP Photo/Ben Margot, File)

Chevron says its net income fell 5 percent in the first quarter as oil prices slipped.

Chevron Corp., based in San Ramon, Calif., reported that net income fell to $6.2 billion, or $3.18 per share, on revenue of $56.8 billion. Last year the company earned $6.5 billion, or $3.27 per share, on revenue of $60.7 billion.

Analysts expected Chevron to earn $3.09 per share.

Production of oil and gas rose slightly in the quarter, but revenue and profit fell because of lower oil prices. Chevron's average sale price for a barrel of oil slipped to $94 from $102 last year in the U.S., and to $102 from $110 abroad.

Performance at Chevron's refining operations also slipped because of maintenance and upgrades at two U.S. refineries.