Shares of Chevron Corp. CVX, +4.86% fell 0.7% in premarket trading Friday after the oil and gas giant missed fourth-quarter profit expectations, while revenue rose above forecasts. Net income rose to $6.35 billion, or $3.33 a share, from $5.06 billion, or $2.63 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $4.09 was below the FactSet consensus of $4.33. Sales grew 17.3% to $56.47 billion, beating the FactSet consensus of $52.68 billion. Net oil-equivalent production fell 3% to 3.01 million barrels per day, as U.S. production rose 4% but international production dropped 7% due primarily to the end of concessions in Thailand and Indonesia. For Chevron’s upstream business, which includes exploration and production, U.S. earnings declined 11.9% to $2.62 billion while international earnings jumped 31.2% to $2.87 billion. “We delivered record earnings and cash flow in 2022, while increasing investments and growing U.S. production to a company record,” said Chief Executive Mike Wirth. The stock has gained 5.6% over the past three months through Thursday, while the Energy Select Sector SPDR ETF XLE, +3.16% has tacked on 4.7% and the Dow Jones Industrial Average DJIA, +0.61% advanced 6.0%.
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