Business

Chevron profit plunges on lower production, prices

By Jonathan Fahey
Published May 2, 2014 2:58pm ET
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Chevron profit plunges on lower production, prices
FILE - In this Jan. 28, 2011 file photo, a customer pumps gas at a Chevron gas station in Mountain View, Calif. Chevron Corp. reports quarterly earnings on Friday, May 2, 2014. (AP Photo/Paul Sakuma, File) | Paul Sakuma

NEW YORK (AP) — Chevron Corp. reported a steep decline in first quarter profit because of lower global oil prices and bad weather that slowed oil production.

Chevron said Friday that it earned $4.52 billion in the first three months of the year on revenue of $50.98 billion. Last year during the same period, Chevron earned $6.18 billion on revenue of $54.3 billion.

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