Chevron Stock ( NYSE:CVX )
Chevron ( NYSE:CVX ) was trading down 1.2% in pre-market trading on Friday after the company reported that it did not meet analysts’ estimates for its adjusted profitability in the fourth quarter, even though its sales were above analysts’ projections.
The net income for the fourth quarter increased to $6.35 billion, or $3.33 per share, from $5.05 billion, or $2.63 per share, in the same period a year ago. Still, it decreased from $11.2 billion in the third quarter because $1.1 billion in writedowns in international oil and gas operations caused adjusted earnings to fall short of projections.
Chevron stock said its annual profits came to a total of $35.5 billion, its highest-ever annual profit. This figure is more than twice what it reported for the previous year and roughly a third more than what it reported for its previous record in 2011.
Additionally, the corporation established new benchmarks in 2022 for annual cash flow from operations of $49.6 billion and free cash flow of $37.6 billion.
Revenues for the fourth quarter increased by 17% year over year to a total of $56.47B, which was higher than the average estimate of Wall Street. The year’s revenues reached $246.3B, an increase over the previous year’s total of $162.5B.
Chevron ( NYSE:CVX ) reported that its fourth-quarter earnings in its upstream business decreased by 11.9% to $2.62 billion, primarily due to the absence of Q4 2021 asset sale gains. In contrast, the company reported that its fourth-quarter earnings from its...
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