Shares of Chevron Corp. were sinking toward a three-year low in early trading 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.

Chevron's profit declined more than 30% compared with the same quarter in 2024 as oil prices have sold off steeply.Chevron stock fell on Friday as the oil major's profit declined on the steep decline in oil prices this years.

Chevron reported a drop in quarterly profits on Friday on the back of falling oil prices and weak refining margins, as the US oil major braced for its toughest year since the pandemic.