Chevron’s stock rises after profit beat as revenue falls short

Chevron Corp.
CVX,
+0.31%
said Friday it had net income of $2.3 billion, or $1.22 a share, in the fourth quarter, down from $6.4 billion, or $3.33 a share, in the year-earlier period. Adjusted per-share earnings came to $3.45, ahead of the $3.19 FactSet consensus. Revenue fell to $47.180 billion from $56.473 billion a year ago, below the FactSet consensus of $50.926 billion. The net figure includes $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico, the company said in a statement. For all of 2023, the company incresed worldwide net oil-equivalent production to more than 3.1 million barrels of oil-equivalent per say, with U.S. production growing 14%. “We also strengthened our portfolio with traditional and new energy acquisitions to help meet the growing demand for affordable, reliable, and ever-cleaner energy,” CEO Mike Wirth said. Chevron completed several deals, including PDC Energy, Inc. a majority stake in ACES Delta, LLC, and signed an agreement to acquire Hess Corporation. The stock rose 1.3% premarket but is down 12.5% in the last 12 months, while the S&P 500
SPX,
+1.25%
has gained 17.4%.