The oil giant Chevron Corporation (CVX) announced Firday that its first-quarter profit collapsed 64% from the previous year, mainly due to heavily decreased oil and gas prices.

The oil company posted earnings of $1.84 billion down from $5.17 billion a year earlier. Chevron’s revenue decrease 45% to $36.13 billion.

The price of oil has dropped dramatically from a record high of $147 last year in July, down to an average around $50 in the first few months of this year.

A day earlier, Exxon Mobil, the world’s biggest oil company, reported a 58 per cent drop in profits for the quarter, following similar declines by BP and Royal Dutch Shell.

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