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Oil major Chevron (CVX) has reported fourth-quarter 2024 financial results that missed Wall Street estimates as its refining business posted its first loss since the pandemic hit in 2020.
The second-largest U.S. oil producer announced earnings per share of $2.06 U.S. for the three months ended Dec. 31, 2024. That was below Wall Street’s estimate of $2.11 U.S.
Revenue in the quarter totaled $52.22 billion U.S., ahead of the $46.59 billion U.S. that was anticipated on Wall Street.
The company blamed the miss on weak fuel sales in the U.S.
Profits on fuel sales tumbled across the industry last year, as the post-pandemic demand surge faded and economic activity faltered in the U.S. and China, the two largest oil consumers.
Chevron added that its downstream business lost $248 million U.S. in the fourth quarter compared to a profit of $1.15 billion U.S. in the same period a year earlier.
Margins weakened during the quarter in both the U.S. and international markets. In all, U.S. fuel sales fell 3% year-over-year, said the company.
However, while refining struggled, Chevron’s oil production was relatively flat in the fourth quarter at 3.35 million barrels of oil equivalent per day (boepd).
Along with its latest financial results, Chevron raised its quarterly dividend by 5% to $1.71 U.S. per share.
Chevron’s stock is currently trading at $156.32 U.S. per share, having risen 6% over the past 12 months.
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