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Chevron Corporation, the second-largest U.S. oil company, said on Friday its fourth-quarter profit dropped 32 percent as refining margins and production fell around the world. The company posted net income of $4.93 billion, or $2.57 per share, compared with $7.25 billion, or $3.70 per share, in the year-ago period. Oil and natural gas production fell 3.4 percent to 2.6 million barrels of oil equivalent per day in the quarter.

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