(MENAFN) Chevron Corp. saw a significant drop in its net profit for the first three months on lower global oil prices and slower oil production, according to Arab News.
The company's earnings were estimated at USD4.52 billion in the current year's first quarter with USD50.98 billion revenue.
In the same period 2013, Chevron earned USD6.18 billion on revenue of USD54.3 billion.
The company said that profits are declining as these costs rise, because average oil prices have been roughly flat for about three years.
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