Chevron Corp. said its first-quarter earnings dropped 43%, but strength in the refining segment helped offset tumbling crude oil prices and its results topped estimates.
Chevron, the second-biggest U.S. oil company in market value behind Exxon Mobil Corp., has been working to increase its oil-and-gas production. But oil prices have plummeted in recent months amid an oversupply, just as its drive begins to show results.
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