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.
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.
I guess POTUS can't keep beating the dead 'Oil Company Profits' horse anymore...