Journalists are reflected through the sunglasses of drilling site director Greg Murphy during a media day at Chevron’s site in Pungesti, Romania, April 8, 2014.
Bogdan Cristel | Reuters
Chevron Shares fell on Friday after the company reported a mixed quarter, despite strong gains in oil and gas prices.
Chevron earned $2.56 per share excluding items in the fourth quarter, while analysts expected $3.12 per share, according to estimates from Refinitiv. However, revenue came in at $48.13 billion, topping expectations of $45.69 billion.
Shares of Chevron fell about 3%, pulling back from an all-time high hit on Thursday.
For the full year, Chevron said it saw record free cash flow of $21.1 billion, while reducing debt by $12.9 billion. The oil giant made $15.6 billion for the year, compared with a loss of $5.5 billion in 2020.
On Wednesday, the company increased its quarterly dividend by 8 cents, or about 6%, to $1.42 per share. In a statement, Chevron said this is the 35th year in a row that the company has increased payouts to shareholders.
The company’s cash flow from operations is $29.2 billion in 2021, more than double the $10.6 billion in 2020.
Chevron’s fourth-quarter results compared with a loss of 1% per share on an adjusted basis for the same quarter a year ago and revenue of $25.25 billion. In 3rd quarter of 2021 The company earned $2.96 per share on an adjusted basis, on revenue of $44.71 billion.
Chevron said worldwide net oil equivalent production fell about 5% year-on-year in the fourth quarter to 3.12 million bpd. The company’s average selling price per barrel of crude oil and natural gas in the US almost doubled year-over-year, rising to $63 in the fourth quarter, up from $33 a year earlier.
Chevron’s average selling price of natural gas in the US rose to $4.78 per thousand cubic feet in the fourth quarter, up from $1.49 in the same quarter last year.
The results came as the oil was in a blistering recovery from its pandemic lows.
This week, international benchmark Brent crude hit a high of $90 per barrel for the first time since October 2014. West Texas Intermediate crude futures, the US benchmark, are also trading at their highest in more than a year. seven years after breaking $88.
