Chevron shares slide premarket after profit falls short of consensus but revenue beats

MW Chevron shares slide premarket after profit falls short of consensus but revenue beats

Chevron Corp.s shares $(CVX)$ slid 3.7% premarket Friday, after the energy giant posted weaker-than-expected fourth-quarter profit, weighing against record earnings for the full year amid strong oil prices. Chevron posted net income of $5.1 billion, or $2.63 a share, in the quarter, swinging back from a loss of $665 million, or 33 cents a share, in the year-earlier period. Adjusted per-share earnings came to $2.56, below the $3.12 FactSet consensus. Revenue almost doubled to $45.861 billion from $24.843 billion, above the $45.337 billion FactSet consensus. For the full year, the company had net income of $15.6 billion, or $8.14 a share, after a loss of $5.5 billion, or $2.96 a share, in the year-earlier period. Revenue rose to $155.606 billion, up from $94.471 billion in 2020. Upstream earnings rose to $5.155 billion for the quarter, up from $501 million, while downstream earnings came to $760 million, after a loss of $338 million a year ago. Chevron's net oil-equivalent production grew in 2021 to a record 3.10 million barrels per day in 2021. The average sales price for crude oil and natural gas liquids rose to $74 a barrel in the quarter, up from $40 a year ago. Chevron shares have gained 52% in the last 12 months, while the S&P 500 has gained 14%.

-Ciara Linnane

$(END)$ Dow Jones Newswires

January 28, 2022 07:04 ET (12:04 GMT)

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