US energy major Chevron reported a net income of $1.4 billion for the first quarter of 2021, down from earnings of $3.6 billion a year ago, impacted by the pandemic and a US winter storm, according to the company's financial results released on Friday.
The company had posted a loss of $665 million for the last quarter of 2020 and a $5.5 billion loss for the full year of 2020.
The company's revenue increased to $32 billion during the first quarter versus $31.5 billion during the same quarter last year.
'Earnings strengthened primarily due to higher oil prices as the economy recovers,' Chevron's Chairman and CEO, Michael Wirth, was quoted as saying in the statement.
'Results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri,' he added.
Wirth referred to Chevron's investments in a lower-carbon future and said the company announced plans with partners to develop carbon-negative bioenergy and commercially viable, large-scale hydrogen businesses.
By Sibel Morrow and Firdevs Yuksel