Friday, after the oil and gas giant reported quarterly profit that dropped, but beat expectations, while production was flat and revenue fell short of forecasts. The Houston-based company said reasons for the earnings decline included reduced profitability on refined product sales and lower realizations,

Chevron stock fell early Friday even after the oil major reported earnings that beat expectations. Earnings per share came in at $2.18, higher than the $2.16 consensus estimate of analysts. However revenue of $47.

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.