** Chevron's CVX.N shares are slightly lower at $155 on Thursday ahead of quarterly earnings report due before the opening bell on Friday

** Wall Street analysts expect CVX to report a ~3% drop in revenue to $49 billion amid a slump in income from upstream operations while adj EPS is estimated to plummet to $1.71, down ~32%

** In July, CVX closed its $55 billion acquisition of Hess HES.N after winning a landmark legal battle against larger rival Exxon Mobil Corp XOM.N to gain access to the largest oil discovery in decades

** Over the last 8 quarters, CVX's revenue surpassed expectations 5 times while adj EPS met estimates 4 times

** Among 28 analysts covering CVX, avg rating is "buy" and median PT is $171.50

** CVX is up 7% YTD vs 3.5% gain in the S&P 500 energy index .SPNY and 12.2% gain in Dow Industrials .DJI

(Reporting by Chibuike Oguh in New York)

((Email: Chibuike.Oguh@thomsonreuters.com; Phone: +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))