The second-biggest U.S. oil company posted earnings of $1.09 per share for the most recent quarter, down from $2.95 per share for the year ago period.
Revenue declined year over year, to $34.3 billion from $54.7 billion for the 2014 third quarter.
Analysts surveyed by Thomson Reuters had forecast that Chevron would report earnings of 76 cents per share on revenue of $29.8 billion.
Chevron will cut 6,000 to 7,000 jobs at an undisclosed time to reduce capital spending by a range between $25 billion and $28 billion, or roughly 25%, during 2016.
"Third quarter earnings were down substantially from a year ago," CEO John Watson said in a statement. "While downstream earnings remained strong, lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability. We are focused on improving results by changing outcomes within our control."
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Chevron saying: "Chevron's refining and marketing was fantastic, and that was the upside. This company really surprised by just doing better and sharper. They showed why they are a major."
Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate CHEVRON CORP (CVX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: CVX