Chevron Corp. CVX -1.82 % said on Friday its first-quarter earnings dropped 43% amid slumping crude oil prices, though strength in its refining segment helped put the results above analysts’ estimates. Chevron, the second-biggest U.S. oil company in market value behind Exxon Mobil Corp. XOM 1.69 % , has been working to increase its oil-and-gas output. In the latest quarter, its daily oil-equivalent production rose to 2.68 million barrels from 2.59 million barrels a year earlier. On Thursday, Exxon also posted a sharp drop in profit while exceeding Wall Street expectations. Both energy companies have moved to trim spending as the collapse in oil prices wiped billions of dollars from their cash flow, and Chevron stopped buying back its shares. Chevron, which is based in San Ramon, Calif., said Friday it is […]