UPDATE: Chevron Posts Drop In Q4 Profit

Chevron

reported a 32% drop in its fourth-quarter profit. Chevron's quarterly profit declined to $4.93 billion, or $2.57 per share, versus a year-ago profit of $7.25 billion, or $3.70 per share. Its operating revenue dropped to $53.95 billion from $56.25 billion, while total revenue fell to $56.16 billion from $60.55 billion. However, analysts were estimating earnings of $2.58 per share on revenue of $66.41 billion. Chevron's production slipped to 2.58 million barrels of oil-equivalent production a day versus 2.67 million barrels a day. Chevron shares fell 0.69% to $115.65 in pre-market trading.