Chevron Corp on Friday said its first quarter net income fell 64 percent as oil demand succumbs to the current global economic recessions, particularly in natural gas and crude oil.

It posted first quarter earnings of $1.84 billion down from $5.17 billion, or $0.92 per share down from $2.84 per share, a year earlier. And sales in revenue were $35 billion down from $65 billion in the same period a year ago.

San Ramon, California-based Chevron also declares quarterly dividend of $0.65 per shares payable to June 10, 2009.

Shares fell 30 cents to 0.45 percent at $65.80 in the regular trading.