NEW YORK (AP) — Chevron Corp. on Friday reported a first-quarter loss as slumping oil prices continued to drag down revenue.
The oil company lost $725 million, or 39 cents per share, compared with a $2.57 billion, or $1.37 per share, profit a year prior.
The results did not meet Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.
Revenue fell 32 percent to $23.55 billion in the period.
Chevron and its peers have been trying to cut costs and reduce their workforces to cope with oil prices weighed down by high supply and weaker demand.
Earlier this month, Chevron said it would cut spending budget by nearly 40 percent for 2017 and 2018 as it deals with plunging oil prices
Chevron shares fell 83 cents to $101.57 in morning trading. They have climbed 14 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 2 percent. The stock has fallen nearly 8 percent in the last 12 months.