Chevron shares declined Friday after the company reported a mixed quarter, despite surging oil and gas prices.
Chevron earned $2.56 per share excluding items during the fourth quarter, while analysts had been expecting $3.12 per share, according to estimates from Refinitiv. Revenue, however, came in at $48.13 billion, topping the expected $45.69 billion.
Chevron’s stock declined more than 4% at the opening bell on Friday, pulling back from the all-time high hit 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 earned $15.6 billion for the year, compared to a loss of $5.5 billion in 2020.
On Wednesday, the company hiked its quarterly dividend by eight cents, or about 6%, to $1.42 per share. Chevron said in a statement that this is the 35th straight year that the company has increased its payout to shareholders.
The company’s cash flow from operations was $29.2 billion in 2021, more than double 2020′s $10.6 billion.
