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News summary: Chevron 2Q profit drops 26 percent

The Associated Press

OIL DROP: Chevron Corp. reported second-quarter net income of $5.37 billion, down 26 percent from the same period last year. Chevron joined rivals Exxon Mobil and Shell in producing lower profit than a year ago.

ANALYST ANGST: Chevron's profit equaled $2.77 per share, 20 cents below analysts' forecast. But revenue of $57.4 billion was slightly higher than Wall Street expected, even though it was down 8 percent from a year ago.

PRICE POINT: Like Exxon and Shell, Chevron was affected by oil prices that were on average lower than a year ago.