Chevron adjusted profit misses expectations

By Ernest Scheyder HOUSTON (Reuters) - Oil and gas producer Chevron Corp on Friday posted an adjusted profit that fell short of Wall Street's expectations, as its cost cuts failed to fully offset low crude prices and weak refining margins. Like many of its peers, Chevron slashed spending during the quarter in response to low crude prices , but the reductions were not as dramatic as analysts would have liked. Chevron's stock fell 1 percent to $101.50 in premarket Friday trading.