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.

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 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.