American energy firm Chevron saw its net income and revenue decline in the first quarter of 2019, from the same period of 2018, according to the California-based company's financial statement released on Friday.
The U.S.' second largest firm reported a net income of $2.65 billion in the January-March period of this year, down from $3.64 billion for the same period of 2018, to mark a 27.2% percent decline.
Revenue fell 6.8% to $35.2 billion in the first three months of 2019, from $37.76 billion for the same period of 2018.
"First quarter earnings declined from a year ago, largely due to lower crude oil prices and weaker downstream and chemicals margins," Chevron Chairman and CEO Michael Wirth said in the statement.
The company's net oil-equivalent production worldwide totaled 3.04 million barrels per day (bpd) in first quarter 2019 -- a 7% increase from 2.85 million bpd from the first quarter a year ago, according to the statement.
Chevron's capital and exploration expenditures increased 7.5% year-over-year to $4.73 billion in the first three months of 2019, from $4.4 billion for the same period of 2018, the figures showed.
- Anadarko deal under risk
Chevron's offer on April 12 to buy American oil and natural gas exploration and production firm Anadarko Petroleum Corporation for $33 billion, based on $65 per share, could be under risk, after a rival company made a higher bid.
On April 24, Occidental Petroleum Corporation offered $38 billion, based on $76 a share, to acquire Anadarko.
Anadarko said last Wednesday its board has not yet determined whether Occidental's offer constitutes or results in a "a superior proposal" compared to Chevron's, adding it will respond to the new proposal after completing its review.
While Anadarko's stock price jumped 32% to close at $61.78 per share on the New York Stock Exchange the day of Chevron's offer, the stock price soared by an additional 11.6% on the day of Occidental's offer to close at $71.40 a share.
By Ovunc Kutlu