Chevron profit rises 4 percent despite output decline

(Reuters) - Chevron Corp delivered a 4 percent rise in first-quarter profit on Friday, helped by an asset sale and increases in both oil prices and refining margins that made up for a decline in oil and gas production. Shares of the second-largest U.S. oil company were down a few pennies in midday trading at $106.19. That looked good against the 1 percent decline for larger rival Exxon Mobil Corp on Thursday after it produced weaker-than-expected earnings due to a drop in oil and gas output. Chevron's first-quarter profit rose to $6.47 billion, or $3.27 per share, from $6.21 billion, or $3. ...