Chevron—the second-biggest U.S. oil company in market value behind Exxon Mobil—had warned last month that production would drop year-over-year as severe weather led to downtime in the U.S., Canada and Kazakhstan, among other regions. Chevron Corp. said its first-quarter profit fell 27% as revenue slipped amid lower oil prices and production. The results fell short of expectations. “Our first quarter earnings were down from a year ago, primarily due to lower prices and volumes for crude oil,” Chairman and Chief Executive John Watson said. The company said its global oil-equivalent production for the period fell to 2.59 million barrels a day from the year-earlier tally of 2.65 million, as normal field declines and unplanned downtime related to poor weather–mainly in Kazakhstan–more than offset production increases in Nigeria, Angolia and the U.S. Chevron—the second-biggest U.S. oil company in market value behind Exxon Mobil Corp. —had warned last month that production […]