Chevron shares retreat from a record after fourth-quarter profit falls short of expectations

3 months ago

Journalists are reflected successful the sunglasses of drilling tract manager Greg Murphy during a media time astatine Chevron's tract successful Pungesti, Romania, April 8, 2014.

Bogdan Cristel | Reuters

Chevron shares declined Friday aft the institution reported a mixed quarter, contempt surging lipid and state prices.

Chevron earned $2.56 per stock excluding items during the 4th quarter, portion analysts had been expecting $3.12 per share, according to estimates from Refinitiv. Revenue, however, came successful astatine $48.13 billion, topping the expected $45.69 billion.

Chevron's banal declined astir 3%, pulling backmost from the all-time precocious deed Thursday.

For the afloat year, Chevron said it saw grounds escaped currency travel of $21.1 billion, portion reducing indebtedness by $12.9 billion. The lipid elephantine earned $15.6 cardinal for the year, compared to a nonaccomplishment of $5.5 cardinal successful 2020.

On Wednesday, the institution hiked its quarterly dividend by 8 cents, oregon astir 6%, to $1.42 per share. Chevron said successful a connection that this is the 35th consecutive twelvemonth that the institution has accrued its payout to shareholders.

The company's currency travel from operations was $29.2 cardinal successful 2021, much than treble 2020's $10.6 billion.

Chevron's fourth-quarter results comparison to a nonaccomplishment of 1 cent per stock connected an adjusted ground during the aforesaid 4th 1 twelvemonth ago, and $25.25 cardinal successful revenue. During the third 4th of 2021 the institution earned $2.96 per stock connected an adjusted basis, with gross coming successful astatine $44.71 billion.

Chevron said worldwide nett oil-equivalent accumulation fell astir 5% twelvemonth implicit twelvemonth during the 4th fourth to 3.12 cardinal barrels per day. The company's mean income terms per tube of crude lipid and earthy state liquids successful the U.S. astir doubled twelvemonth implicit year, rising to $63 during the 4th quarter, up from $33 a twelvemonth earlier.

Chevron's mean income terms for earthy state successful the U.S. jumped to $4.78 per 1000 cubic feet during the 4th quarter, up from $1.49 successful the aforesaid 4th past year.

The results travel arsenic lipid stages a blistering betterment from its pandemic-era lows.

This week planetary lipid benchmark Brent crude topped $90 per tube for the archetypal clip since October 2014. West Texas Intermediate crude futures, the U.S. lipid benchmark, is besides trading astatine its highest level successful much than 7 years aft breaching $88.