NEW YORK (TheStreet) -- Shares of Chevron (CVX) are lower by 1.22% to $109.71 at the start of trading on Friday morning, after the energy company reported a 43% drop in earnings for the 2015 first quarter.
Chevron said it earned $2.6 billion, or $1.37 per diluted share for the most recent quarter, compared to $4.5 billion or $2.36 per diluted share in the 2014 first quarter.
Revenue for the quarter fell by 35% to $34.56 billion, from the $53.26 billion reported for the year ago period.
Still, Chevron's quarterly results topped the expectations of analysts polled by Thomson Reuters that were looking for earnings of 79 cents per share on revenue of $24.37 billion for the quarter.
The company blamed the decline in profit on tumbling oil prices.
"First quarter earnings declined from a year ago due to sharply lower oil prices, which reduced revenue and earnings in our upstream business," Chevron CEO John Watson said in a statement.
Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, disappointing return on equity and weak operating cash flow."