June 2009 -- Chevron Corp.'s earnings in the first quarter dropped 64% on lower crude oil prices during the three months ended March 31. Net income totaled $1.84 billion, or 92 cents a share, compared with $5.17 billion, or $2.48 per share, during the year-earlier period.
Sales and other operating revenues in first-quarter 2009 were $35 billion, down from $65 billion in the year-ago period.
"Upstream earnings declined sharply on lower prices for crude oil and natural gas," said Chairman and CEO Dave O'Reilly in a May 1 earnings statement. "Downstream profits improved mainly on gains from asset sales, while margins on the sale of refined products recovered only slightly from a depressed level in last year's first quarter."
During the quarter, the company discovered a deepwater oil filed in the U.S. Gulf of Mexico where it holds a 55% interest in the Buckskin prospect. It also completed an exploration and appraisal program for the Wheatstone and Iago fields offshore northwest Australia. Chevron holds a 110% stake in Wheatstone and two-thirds interest in Iago.
