Chevron quarterly earnings below expectations

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Chevron Corp. reported fourth-quarter earnings below analysts’ estimates on Friday, amid rising oil and gas prices.

In particular, the company, the first of the oil giants to announce quarterly figures, showed adjusted earnings of $ 5.1 billion or $ 2.65 per share, with profits from oil extraction fivefold compared to last year that “hit” The pandemic.

Analysts expected the company to show higher profitability, setting the bar at $ 3.12 per share, according to Refinitiv.

High expectations of investors, who expected the rise in oil prices to boost the company’s profits, sent the Chevron stock to a record high on Thursday, as it rose 2% and closed at $ 135.37, surpassing the previous high of $ 133.60 he wrote four years ago.

The company also announced that it will repurchase shares in the first quarter of the year, which will range in the upper part of the range of 3 to 5 billion dollars on an annual basis that it had announced last year.

It is noted that earlier this week it announced the increase of the dividend that it will distribute by 6%, to $ 1.42.

In the oil and gas sector, Chevron reported operating profit of $ 5.2 billion, up from $ 501 million in the same period last year, which was also lower than expected, as analysts expected operating profit of the order of 6.6 billion.

The oil company’s share fell more than 3% in pre-conference Wall Street trading.

Source From: Capital

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