Chevron Corporation (CVX) said before open Friday that it earned $4.09 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $56.5 billion, beating estimates by $1.8 billion.
In the same quarter a year ago, the company earned $2.56 per share on revenue of $48.1 billion.
The stock is down 4.15% to $179.87 after the report.
Chevron Corporation's earnings expanded faster than revenues, signaling widening profit margins.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Chevron Corporation a Bullish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 81. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second- largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2021 stood at 11.3 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 30.9 trillion cubic feet of natural gas.
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Chevron Corporation Down 4.15% To $179.87 After Earnings Miss
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