HOUSTON (Reuters) – Oil company Chevron reported weaker-than-expected fourth-quarter results on Friday, despite a sharp rise in oil and gas prices.
The American company, the first of the major oil majors to publish its quarterly results, recorded an adjusted profit of 5.1 billion dollars (4.58 billion euros), or 2.65 dollars per share, while analysts s were expecting earnings of $3.12 per share, according to data provided by Refinitiv.
Rising oil prices pushed Chevron’s stock price to an all-time high this week.
Chevron, which earlier this week raised its dividend 6% to $1.42 per share, also said its first-quarter share buybacks would be in the high range of its forecast of between three billion and five billion. of dollars.
In the oil and gas production business, Chevron posted operating profit of $5.2 billion after $501 million in the same period last year but still missed analysts’ estimates at 6 .6 billion.
In the last quarter of 2021, the benchmark oil price averaged $79 a barrel, down from $43 a year earlier.
(Sabrina Valle report, French version Juliette Portala, edited by Blandine Hénault)
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