BUZZ-Chevron falls after Q4 earnings miss

Updates

Shares of oil major Chevron CVX.N fall ~1% to $154.54 premarket

Company posts Q4 adjusted profit of $2.06 per share vs. est. of $2.11 per share - data compiled by LSEG

CVX's U.S. downstream segment reports a loss of $248 mln compared to a profit of $1.15 bln a year ago

Company's oil production held relatively flat in Q4 at 3.35 mln barrels of oil equivalent per day (boepd), compared with 3.39 mln bpd a year ago

CVX's fourth-quarter total earnings rose to $3.24 bln from $2.26 bln a year ago

*"U.S. upstream and downstream results were weaker than consensus, with upstream international beating market expectations" - RBC Capital Markets analyst Biraj Borkhataria

Short-term outlook of production growth of 6% in line with estimates, while free cash flow estimates weaker-than-expected per RBC analysts

Stock was down ~2% in 2024