The second-largest U.S. oil company posted net profit of $1.75 billion, or 87 cents per share, down from $5.98 billion, or $2.90 a share, a year earlier.
Wall Street's average earnings forecast was 97 cents per share, according to Reuters Estimates.
On Thursday, larger rival Exxon Mobil Corp
Chevron shares were down 1 percent at $67.00 in premarket trade after closing at $67.70 Thursday on the New York Stock Exchange.
(Reporting by Matt Daily in New York and Braden Reddall in San Francisco; editing by John Wallace)