Chevron Q4 profits miss even as revenues beat expectations
By Iain Gilbert
Date: Friday 27 Jan 2023
(Sharecast News) - Oil company Chevron posted fourth-quarter profits that fell short of estimates on Friday, even as revenues came in ahead of what analysts had been expecting.
Chevron's fourth-quarter earnings came to $7.9bn, up 61% year-on-year but at $4.09 per share, missing expectations for a reading of $4.38 per share.
Revenues, on the other hand, shot up 17% in the quarter to $56.5bn.
For the year as a whole, adjusted earnings more than doubled to $36.5bn, up 36% from its previous record on the back of soaring oil prices, while revenues rose 52% to $246.3bn.
Overnight, Chevron announced it will hike its dividend by 6% and also detailed a massive $75.0bn share repurchase plan - a move that brought criticism from some who claim oil majors should invest in production in order to increase supply and drive down prices for inflation-weary drivers.
"For a company that claimed not too long ago that it was 'working hard' to increase oil production, handing out $75.0bn to executives and wealthy shareholders sure is an odd way to show it," said White House assistant press secretary Abdullah Hasan.
As of 1350 GMT, Chevron shares were down 1.55% in pre-market trading at $184.77 each.
Reporting by Iain Gilbert at Sharecast.com
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