Chevron Turns To Profit In Q4

(RTTNews) - Chevron Corporation (CVX) reported fourth quarter profit of $5.1 billion or $2.63 per share, compared to a loss of $665 million or $0.33 per share, previous year. The company's U.S. upstream operations earned $2.97 billion, compared to $101 million, a year ago. The company said the improvement was primarily due to higher realizations, gains on asset sales, higher sales volumes and lower exploration expense, partially offset by higher employee benefit costs. International upstream operations earned $2.19 billion, compared with $400 million, previous year.

Fourth quarter adjusted profit was $4.9 billion or $2.56 per share compared to $298 million or $0.16 per share, a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $3.13, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter sales and other operating revenues were $46 billion, compared to $25 billion in the year-ago period. Total revenues and other income increased to $48.13 billion from $25.25 billion. Analysts on average had estimated $45.69 billion in revenue. Worldwide net oil-equivalent production was 3.12 million barrels per day, a decrease of 5 percent from last year.

Chevron reported full-year 2021 earnings of $15.6 billion or $8.14 per share, compared to a loss of $5.5 billion $2.96 per share in 2020. Adjusted earnings increased to $15.6 billion or $8.13 per share from $172 million or $0.09 per share. Sales and other operating revenues increased to $155.61 billion from $94.47 billion. Worldwide net oil-equivalent production was 3.10 million barrels per day, a slight increase from last year.

At year-end, balances of cash, cash equivalents, and marketable securities were $5.7 billion, a slight increase from the end of 2020. Total debt was $31.4 billion at December 31, 2021, a decrease of $12.9 billion from a year ago.

Shares of Chevron were down 2% in pre-market trade on Friday.