Chevron shares slide premarket after revenue disappoints agreement however earnings beats

Chevron Corp. s shares CVX, +2.02% moved 3.7% premarket Friday, after the energy huge published weaker-than-expected fourth-quarter earnings, weighing versus record incomes for the complete year in the middle of strong oil rates. Chevron published earnings 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 duration. Changed per-share profits concerned $2.56, listed below the $3.12 FactSet agreement. Income practically doubled to $45861 billion from $24843 billion, above the $45337 billion FactSet agreement. For the complete year, the business had earnings of $156 billion, or $8.14 a share, after a loss of $5.5 billion, or $2.96 a share, in the year-earlier duration. Profits increased to $155606 billion, up from $94471 billion in2020 Upstream profits increased to $5.155 billion for the quarter, up from $501 million, while downstream revenues concerned $760 million, after a loss of $338 million a year back. Chevron’s net oil-equivalent production grew in 2021 to a record 3.10 million barrels daily in2021 The typical prices for petroleum and gas liquids increased to $74 a barrel in the quarter, up from $40 a year earlier. Chevron shares have actually acquired 52% in the last 12 months, while the S&P 500 SPX, -0.54% has actually gotten 14%.

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