US oil major Chevron saw its net income increase but revenue decline in the first quarter of 2020 from the same period a year ago, according to its financial results statement released on Friday.
The US' second-largest oil producer said its net income of $3.6 billion in the January-March period of this year marked a 35.8% increase from $2.65 billion recorded in the same period of 2019.
The company's revenue, however, registered at $31.5 billion in the first three months of 2020 -- down 10.5% from $35.2 billion in the first quarter of last year.
'First quarter earnings were up from a year ago driven by downstream margins and increased Permian production,' Chevron CEO Michael K. Wirth explained in the statement.
'However, commodity prices fell significantly in March and the weakness continued into the second quarter, primarily due to reduced demand resulting from the COVID-19
pandemic,' he added.
The company's capital and exploratory expenditures in the first three months of 2020 also fell down to $4.4 billion from $4.7 billion in the same period of 2019, according to the results.
By Ovunc Kutlu