Chevron's profit declined more than 30% compared with the same quarter in 2024 as oil prices have sold off steeply.Chevron stock fell on Friday as the oil major's profit declined on the steep decline in oil prices this years.

Chevron said net income fell by just over a third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.

ExxonMobil reported better first-quarter results than analysts expected Friday, while rival Chevron beat earnings estimates but fell just short of revenue forecasts.