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Chevron Reports 1Q Loss Due to Low Oil Prices
Oil producer Chevron posted a first-quarter loss on Friday due to the drop in crude prices and weak refining margins.
The company reported a net loss of $725 million, or 39 cents per share, compared with a net profit of $2.57 billion, or $1.37 per share, in the year-ago period.
Production fell slightly to 2.68 million barrels of oil equivalent per day (boe/d).
(Reporting by Ernest Scheyder)
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