Chevron announced its first quarter earnings for 2016 and saw a decline of more than $11 billion compared to last year.

The company this morning that revenue came in at $23.55 billion, significantly less than last year's first quarter, where it earned $34.56 billion.

Chevron's chairman and CEO said the first quarter was directly impacted by oil production.

"Our Upstream business was impacted by a more than 35 percent decline in crude oil prices. Our Downstream operations continued to perform well, although overall industry conditions and margins this quarter were weaker than a year ago."