Chevron Profits, Revenue Drop Sharply, Beat Expectations

May 1, 2015 10:47 PM

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Chevron Profits, Revenue Drop Sharply, Beat Expectations

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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