Chevron closes 2021 with net profit

Diluted earnings per share were $8.14 against a loss of $2.96 a year earlier. The company's total revenue jumped 1.7 times to $162.465 billion.

Meanwhile, Chevron's average production was 3.099 million barrels of oil equivalent per day, up 0.5% from 2020. In upstream, the company posted a profit of $15.818 billion after a loss of $2.433 billion in the previous year; in downstream, it posted a profit of $2.914 billion against a profit of $47 million a year earlier.

For the fourth quarter of the year, the company recorded a profit of $5.082 billion after a loss of $656 million in the same period in 2020. Diluted earnings per share were $2.63 against a loss of $0.33 in the fourth quarter of 2020. Chevron's revenue rose 1.9 times to $48.129 billion. Experts were expecting revenue of $44.68 billion.

Chevron's average production for the quarter was 3.117 million barrels of oil equivalent per day (down 0.5% year-on-year). In the upstream segment, the company posted a profit of $5.155 billion after a profit of $501 million in the fourth quarter of 2020, and in downstream, a profit of $760 million after a loss of $338 million a year earlier.

source: bloomberg.com