Oil and gas company Chevron said yesterday its pre-tax profits fell 15% year-on-year to £6.6billion for the first quarter of 2013.
While production remained stable at 2.65million barrels of oil equivalent per day, turnover in the first quarter was down to £35billion, from £38billion in 2012, mainly because of lower crude oil prices. Capital and exploratory expenditure in the period rose by 39%, however, to £5.7billion against last year.