BUZZ-Chevron falls after Q4 earnings miss on weak refining results

Updates

Shares of oil major Chevron CVX.N fall 4.4% to $149.33; on track for worst percentage decline since Aug. 1, 2024

Weak margins drag refining business into a loss for the first time since 2020

Company posts Q4 adj. profit of $2.06/shr vs. est. of $2.11/shr, according to 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 remained 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 - RBC analysts

Oil prices also fall, with Brent crude futures LCOc1 down 0.4% and U.S. West Texas Intermediate (WTI) crude CLc1 ~1%

Stock was down ~2% in 2024