Shares of Chevron Corp. fell 1.6% in premarket trading Friday, after the oil and gas giant reported a first-quarter profit that beat expectations but revenue that came up short, amid continued weakness in downstream volume and margin resulting from the COVID-19 pandemic and Winter Storm Uri. Net income dropped to $1.38 billion, or 72 cents a share, from $3.60 billion, form $1.93 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 90 cents from $1.31 but topped the FactSet consensus of 89 cents. Total revenue rose 1.7% to $32.03 billion, below the FactSet consensus of $32.54 billion. U.S. downstream operations swung to a loss of $130 million from $450 million last year, as both refinery crude oil input and refined product sales decreased 9%, due primarily to lower jet fuel, gasoline and diesel demand. Chevron’s stock has rallied 26.6% year to date through Thursday, while the SPDR Energy Select Sector ETF has climbed 33.7% and the Dow Jones Industrial Average has advanced 11.3%.

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