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Chevron warned after markets closed Thursday that its first-quarter earnings would be sharply lower than the previous quarter as lower oil and gas prices took a toll and refined-product margins shrank significantly.
Shares of Chevron fell about 2 percent in after-hours trade. They closed [CVX
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] 1.1 percent higher at $69.23 Thursday. The New York Stock Exchange is closed Friday.
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Laura Rauch / AP |
The second-largest U.S. oil company also said on Thursday its U.S. oil-equivalent production in January and February was 660,000 barrels per day (bpd), up from 619,000 in the fourth quarter, while international production was 1.985 million bpd, up from the previous quarter and a year before.
Chevron also said refining margins in many of its markets were down.
Benchmark West Texas Intermediate crude oil prices
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