As per reports, Chevron Corporation (CVX)’s fourth-quarter earnings disappointed despite higher oil and gas prices. The oil giant reported adjusted earnings of $5.1 billion, or $2.65 a share, missing analyst estimates of $3.12 per share profit.
In its oil and gas producing unit, Chevron reported operating profit of $5.2 billion, up from $501 million in the same period a year ago, but performed below analyst expectations of $6.6 billion. Global oil and gas production was 3.12 million barrels per day in the fourth quarter of 2021, 5% below a year ago, and net oil and gas production for the full year of 2021 was 3.1 million barrels per day.
Chevron informed its first-quarter share buybacks would be at the higher end of the $3 billion to $5 billion annual range it had estimated last year. The oil major also raised its dividend by 6% to $1.42 per share earlier this week.
Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.
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