Chevron delivered quarterly earnings that fell short of analysts' expectations on Friday.
Chevron shares fell in premarket trading following the announcement. (Click here to track its shares.)
The company posted net income of $571 million, or 30 cents per share, compared with $5.67 billion, or $2.98 per share, in the year-ago period. It was the worst quarterly profit in nearly 13 years.
Excluding one-time items, Chevron earned 97 cents a share.
Revenue fell to $40.36 billion from $57.94 billion a year ago.
Wall Street expected Chevron to deliver quarterly earnings per share of $1.16 on $30.91 billion in revenue, according to consensus estimates from Thomson Reuters.
Production rose 2 percent to 2.6 million barrels of oil equivalent per day (boe/d).
Chief Executive John Watson bluntly said the results were "weak" and that he was working to slash costs by renegotiating supply contracts. Earlier this week, he laid off 2 percent of the company's staff.
"Multiple efforts to improve future earnings and cash flows are underway," Watson said in a statement on Friday.