Chevron (CVX) revenue in Q4 2021

Journalists are reflected through the sunglasses of drilling site director Greg Murphy during a media day at Chevron’s site in Pungesti, Romania, April 8, 2014.

Bogdan Cristel | Reuters

Chevron Shares fell on Friday after the company reported a mixed quarter, despite strong increases in oil and gas prices.

Chevron earned $2.56 per share excluding items in the fourth quarter, while analysts had expected $3.12 per share, according to estimates from Refinitiv. However, revenue came in at $48.13 billion, topping expectations of $45.69 billion.

Shares of Chevron fell about 3%, pulling back from an all-time high hit on Thursday.

For the full year, Chevron said it saw record free cash flow of $21.1 billion, while reducing debt by $12.9 billion. The oil giant made $15.6 billion for the year, compared with a $5.5 billion loss in 2020.

On Wednesday, the company increased its quarterly dividend by 8 cents, or about 6%, to $1.42 per share. In a statement, Chevron said this is the 35th year in a row that the company has increased payouts to shareholders.

The company’s cash flow from operations is $29.2 billion in 2021, more than double the $10.6 billion in 2020.

Chevron’s fourth-quarter results compared with a loss of 1% per share on an adjusted basis for the same quarter a year ago and revenue of $25.25 billion. In 3rd quarter of 2021 The company earned $2.96 per share on an adjusted basis, on revenue of $44.71 billion.

Chevron said worldwide net oil equivalent production fell about 5% year-on-year in the fourth quarter to 3.12 million barrels per day. The company’s average selling price per barrel of crude oil and natural gas liquids in the U.S. nearly doubled year-over-year, rising to $63 in the fourth quarter, up from $33 a year earlier.

Chevron’s average selling price of natural gas in the US rose to $4.78 per thousand cubic feet in the fourth quarter, up from $1.49 in the same quarter last year.

The results come as oil is in a blistering recovery from pandemic-era lows.

This week, international benchmark Brent crude hit a high of $90 a barrel for the first time since October 2014. West Texas Intermediate crude futures, the US benchmark, are also trading at their highest in more than a year. seven years after breaking $88.

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