Chevron reported fourth-quarter earnings beneath Wall Road estimates on Friday as weak margins pushed its refining enterprise right into a loss for the primary time since 2020.
The second-largest U.S. oil producer posted complete earnings of $3.24 billion for the three months ended Dec. 31, up from $2.26 billion in the identical interval final yr.
Nevertheless, its adjusted earnings per share of $2.06 was beneath Wall Road’s $2.11 estimate, hit by weak gas gross sales in america.
Income on gas gross sales tumbled throughout the business final yr, because the post-pandemic demand surge light and financial exercise faltered in america and China, the 2 largest oil shoppers.
Chevron’s downstream enterprise misplaced $248 million within the fourth quarter of 2024, in contrast with a revenue of $1.15 billion in the identical interval a yr in the past.
Margins softened in each the U.S. and worldwide markets, however weak jet gas demand aggravated troubles for the Houston-headquartered firm’s home enterprise. U.S. gas gross sales fell 3% year-over-year, Chevron mentioned.
Whereas refining struggled, Chevron’s oil manufacturing held comparatively flat within the fourth quarter at 3.35 million barrels of oil equal per day (boepd), in contrast with 3.39 million bpd a yr in the past.
