Chevron shares fell on Friday after the company reported a mixed quarter despite rising 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 by Refinitiv. However, revenue came in at $48.13 billion, beating the expected $45.69 billion.
Shares of Chevron fell more than 4% at Friday’s opening bell, retreating from Thursday’s all-time high.
For the full year, Chevron said it reported record free cash flow of $21.1 billion while reducing debt by $12.9 billion. The oil giant made $15.6 billion in the year compared to a $5.5 billion loss in 2020.
On Wednesday, the company increased its quarterly dividend by eight cents, or about 6%, to $1.42 per share. Chevron said in a statement that this marks the 35th consecutive year the company has increased its payout to shareholders.
The company’s operating cash flow was $29.2 billion in 2021, more than double 2020’s $10.6 billion.
Chevron’s fourth-quarter results compare to a loss of one cent per share on an adjusted basis in the same quarter a year ago and revenue of $25.25 billion. In the third quarter of 2021, the company made $2.96 per share on an adjusted basis and had revenue of $44.71 billion.
Chevron said global net oil equivalent production fell about 5% year over year to 3.12 million barrels per day in the fourth quarter. The company’s average selling price per barrel of crude oil and liquefied gas in the US nearly doubled year over year, rising to $63 in the fourth quarter from $33 a year earlier.
Chevron’s average selling price for natural gas in the US jumped to $4.78 per thousand cubic feet in the fourth quarter, from $1.49 in the year-ago quarter.
The results come as oil is enjoying a rapid rebound from its pandemic-era lows.
This week, international oil benchmark Brent crude topped $90 a barrel for the first time since October 2014. West Texas Intermediate crude oil futures, the US oil benchmark, is also trading at its highest level in more than seven years after surpassing $88.