Chevron misses 4Q profit forecasts
SAN RAMON, Calif. (AP) _ Chevron Corp. (CVX) on Friday reported fourth-quarter earnings of $3.11 billion.
The San Ramon, California-based company said it had profit of $1.64 per share. Earnings, adjusted for pretax gains, came to 73 cents per share.
The results did not meet Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The oil company posted revenue of $37.62 billion in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $37.55 billion.
For the year, the company reported net income of $9.2 billion, or $4.