NEW YORK (TheStreet) -- There was concern three weeks ago when oil prices broke a five-and-a-half year milestone, falling to less than $50 a barrel. On Wednesday panic set in as the price of crude oil fell to less $45. That means Chevron will report quarterly earnings Friday amid a particularly gloomy environment for large oil companies. Must Read: 10 Stocks Carl Icahn Loves for 2015: Apple, eBay, Hertz and More Chevron shares closed Wednesday at $103.71, down 4.2%, and had lost even more ground early in Thursday's session, trading at $102.67 around 10 a.m.