The San Ramon, Calif.-based company reported earnings of US$5.0 billion or US$2.57 per share in the quarter, compared with US$5.3 billion or US$2.69 per share in the same period a year ago. Analysts had expected a US$2.71 profit.
Chevron's revenue grew 1.8% to $57 billion, compared to $56 billion in the year-ago period, against the mean analyst prediction of US$58.4 billion.
Shares in early trading on Friday had fallen nearly 2%.
Earnings from Chevron's upstream operations edged 0.9% lower to US$5.1 billion on production of 2.6 million barrels a day, 2.8% higher than last year as a result of lower maintenance-related downtime at Tengizchevroil and project ramp-ups in the United States, Nigeria and Angola, the company said.
The average sale price per barrel of crude in the quarter rose 6.6% to $97 in the U.S., while natural gas prices, on average, gained 23% quarter-over-quarter to $3.23 per thousand cubic feet. Internationally, Chevron sold crude at an average price of $104 per barrel, a rise from $98 per barrel last year. The average natural gas price from global operations was $5.88 per thousand cubic feet.
U.S. downstream earnings fell 45% to US$249 million from US$456 million last year due to lower margins and higher operating expenses. Lower margins also pulled down international downstream revenue to US$131 million.