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Chevron Q1 profit falls YOY

Chevron Corp. said its normalized net income for the first quarter amounted to 74 cents per share, compared with the S&P Capital IQ consensus estimate of 81 cents per share.

EPS decreased 70.5% year over year from $2.50.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.38 billion, a decrease of 71.0% from $4.78 billion in the year-earlier period.

The normalized profit margin fell to 4.5% from 9.7% in the year-earlier period.

Total revenue decreased 37.9% on an annual basis to $30.44 billion from $49.03 billion, and total operating expenses declined 31.4% from the prior-year period to $29.78 billion from $43.41 billion.

Reported net income declined 43.0% on an annual basis to $2.57 billion, or $1.37 per share, from $4.51 billion, or $2.36 per share.