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.
