US energy firm Chevron reported Friday a loss of $725 million in the first quarter, joining the growing list of petroleum giants that finished the period in the red. Chevron reported $2.6 billion in earnings in the year-ago period. Revenues dropped 31.8 percent to $23.6 billion. Losses were centered in Chevron's normally lucrative upstream oil and natural gas production operations. That was due to a nearly 40 percent drop in oil prices compared with the 2015 period.
Earlier this week, both BP and ConocoPhillips reported losses in the first quarter. On Friday, ExxonMobil said its earnings in the period plummeted 63 percent to $1.8 billion. Like other oil giants, Chevron has slashed its capital budget in the wake of plunging prices. It reported production of 2.67 million barrels per day in the first quarter, nearly the same as last year's 2.68 million barrels per day. In some cases, oil giants have been able to keep production high as suppliers and oil-services companies have charged less for services. Chevron's loss translated into 39 cents per share, compared with analyst expectations for a loss of 20 cents per share. Shares fell 1.1 percent to $101.30 in pre-market trade.
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