Chevron Corp Announces Fourth Quarter Results

Chevron Corp. reported a net income of $2.3 billion, or $1.22 per share, for the fourth quarter. This is a decrease compared to the year-earlier period when they earned $6.4 billion, or $3.33 per share.

However, adjusted per-share earnings came in at $3.45, surpassing the FactSet consensus of $3.19. Despite the positive earnings, revenue also declined from $56.473 billion to $47.180 billion.

The revenue decline is attributed to $1.8 billion in U.S. upstream impairment charges and $1.9 billion of decommissioning obligations related to previously sold assets in the U.S. Gulf of Mexico.

In 2023, Chevron expanded its worldwide net oil-equivalent production to exceed 3.1 million barrels per day. Their U.S. production also experienced significant growth, increasing by 14%.

CEO Mike Wirth expressed the company's commitment to meeting the rising demand for affordable, reliable, and cleaner energy and highlighted their efforts in strengthening their portfolio through both traditional and new energy acquisitions.

Chevron completed several notable deals, including acquiring a majority stake in ACES Delta, LLC and signing an agreement to acquire Hess Corporation.

While Chevron's stock saw a premarket rise of 1.3%, it has experienced a decline of 12.5% over the last 12 months, in contrast to the S&P 500's gain of 17.4%.